- Australia now hosts more Bitcoin ATMs than Asia, ranking third globally with a rapid installation spree in 2023.
- Major Asian economies collectively host 355 crypto ATMs, while Australia has reached 364, highlighting a significant growth difference.
- Leaked documents indicate Australia’s Treasury plans new crypto regulations, with decisions likely in 2024.
Australia now has more Bitcoin ATMs than the entire continent of Asia. The growing number makes it the world’s third-largest network. This important achievement demonstrates how quickly cryptocurrency technology is being adopted in Australia.
Read CRYPTONEWSLAND on
google news
Since the start of 2023, Australia has been on an aggressive crypto ATM installation spree, moving from fifth to third rank globally in just eight months.
Rapid growth in cryptocurrency ATMs
In just two years, the number of crypto ATMs in Australia has increased 17-times. From 67 machines in August 2022, the country now has 1,162, giving it the world’s third-largest market, after the United States and Canada. The growth has resulted in 160 additional ATMs since April 2024 alone, demonstrating Australia’s quick acceptance of cryptocurrency technology.
Comparison to Asia
Major Asian economies such as China, Japan, and India have only 355 crypto ATMs. The number accounts for less than 1% of the global total, whereas Australia has 364. Despite the growth in Australia, the global number of cryptocurrency ATMs has decreased.
Regulatory Landscape
According to leaked documents from Australia’s Treasury, new cryptocurrency regulations are on course, with consultation papers due soon and final decisions expected in 2024. The regulatory focus is critical, as the fast growth of crypto ATMs has drawn the attention of law enforcement. Australian authorities are becoming concerned that these kiosks could be utilized in money laundering activities.
Security Concerns
Since 2019, crypto ATMs have processed at least $160 million in illicit transactions, with scams and fraud being major contributors. In 2023, over $30 million was funneled to scam-linked wallets through these machines, doubling the illicit activity seen in the broader crypto sector. Some countries have started cracking down on these machines. Germany recently seized 13 unlicensed crypto ATMs, while the UK’s Financial Conduct Authority pulled 26 machines last year, reducing the number of active kiosks by 90%.
Australia’s rapid growth in crypto ATMs is impressive, but it comes with significant risks that authorities are increasingly eager to address. The upcoming regulations will likely shape the future of crypto ATM installations in the country, balancing growth with security concerns.
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
