Australia has been consistently installing crypto ATMs since the beginning of 2023 and has surpassed Asia in the number of installed Bitcoin ATMs. According to Coin ATM Radar, Australia has installed 364 crypto ATMs after months of steady installations, moving up to the third spot, unlike major European nations and the US, where ATM installations have declined during the same period. Although Asia has major economies like China, Japan, Singapore, and India, the region only hosts 355 crypto machines, representing just 1% of the total crypto ATMs installed worldwide. However, it is noteworthy that the total number of crypto ATMs worldwide has shown a consistent decline, despite Australia's growth story. Cointelegraph previously reported that the global net cryptocurrency ATMs installed had decreased by 412 machines in the first two months of 2023.
Australia's Department of the Treasury has leaked internal documents that reveal the country's crypto legislation is on the horizon. The government aims to release consultation papers in the second quarter of 2023, while the treasury has already officially released a token mapping consultation paper, laying the groundwork for forthcoming crypto regulations. However, any decisions on crypto legislation are expected to be pushed into 2024 since the final submissions to the cabinet are reportedly due later this year.
The increasing number of crypto ATMs in Australia reflects the country's growing interest in cryptocurrencies, which the government is now considering regulating. The crypto sector has been the subject of much debate in Australia, with the country's regulatory bodies showing a keen interest in the space. According to the Australian Securities and Investments Commission (ASIC), the country's financial regulator, the number of Australian investors in the cryptocurrency market increased by 44% between 2019 and 2020, with more than 2.6 million individuals investing in cryptocurrencies in 2020.
The Australian government is also looking to leverage blockchain technology in several sectors, such as supply chain management, real estate, and public services. The country's Digital Transformation Agency is exploring the potential of blockchain in improving the efficiency and transparency of government services.
The regulation of the cryptocurrency market in Australia is expected to be a significant development for the crypto industry, as the country has a reputation for being a crypto-friendly jurisdiction. However, there is still a long way to go, as the country's crypto sector remains largely unregulated. The new regulations are expected to provide clarity and certainty to investors and businesses operating in the sector, while also addressing the risks associated with cryptocurrencies, such as money laundering, fraud, and market manipulation. In conclusion, Australia's growing interest in cryptocurrencies, demonstrated by the increase in crypto ATMs, combined with the government's plans to regulate the sector, suggests that the country is poised to become a significant player in the global crypto industry. The country's efforts to embrace blockchain technology also highlight its commitment to innovation and digital transformation, which could have far-reaching implications for various sectors.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.