Australia has become the country with the third-largest network of Bitcoin (BTC) ATMs and has surpassed Asia in the total number of installed crypto ATMs. As of January 2023, Australia has been rapidly installing crypto ATMs and has climbed from fifth to third place in just one month, according to Coin ATM Radar. In contrast to leading European nations and the US, which saw a decrease in ATM installations, Australia has consistently added Bitcoin ATMs over the past eight months.
Although Asia is home to major economies such as China, Japan, Singapore and India, it only hosts 355 crypto machines, representing 1% of the total number of crypto ATMs installed globally. In contrast, after months of additions, Australia recorded a total of 364 crypto ATMs.
Despite the sustained growth in Australia, the total number of crypto ATMs installed worldwide has consistently declined. In the first two months of 2023, the net number of cryptocurrency ATMs installed globally decreased by 412 machines, a trend that contradicts Australia’s crypto ATM growth.
Leaked internal documents from Australia’s Department of the Treasury have revealed that the country is planning to release consultation papers on crypto legislation in the second quarter of 2023, with final submissions to the cabinet expected later in the year. Any decisions on crypto legislation will therefore be pushed to 2024.
Consultation open! Today we released the token mapping consultation paper. This consultation is part of a multi step reform agenda to develop an appropriate regulatory setting for the #crypto sector. Read paper & submit views @ @ASIC_Connect
@AUSTRAC
pic.twitter.com/OGHuZEGvDp— Australian Treasury (@Treasury_AU)
February 2, 2023
Complementing Australia’s massive increase in crypto ATMs, the leaked documents show that the Australian government is actively working on crypto legislation. The government has already released a token mapping consultation paper that will form the basis of the upcoming regulations.
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