4 - 7 minute read
Australia is currently the country with the third-largest network of Bitcoin ATM installations, beating out major Asian economies like China, Japan, Singapore, and India in terms of the total number of crypto ATMs installed. In the past eight months, Australia has continued to add Bitcoin ATMs to their network, with the country adding more machines compared to leading European nations and the US. In fact, since the beginning of 2023, Australia has been in a crypto ATM installation spree, climbing up from the fifth spot to the third in January alone. According to data from Coin ATM Radar, the country has been consistently adding more avenues for fiat-to-crypto conversions, currently boasting 364 crypto ATMs.
Contrary to Australia’s positive crypto ATM growth, the total crypto ATMs installed globally has seen a consistent decline, as previously reported by Cointelegraph. Within the first two months of 2023, the net cryptocurrency ATMs installed around the world fell by 412 machines. Despite the decline, the installation of crypto ATMs is still significant for the crypto market, as these machines provide an easier way to convert fiat currencies to crypto.
Furthermore, leaked internal documents from the Australian Treasury Department suggest the impending release of cryptocurrency legislation in the region. The Australian government plans to release consultation papers in the second quarter of 2023, as reported by Cointelegraph. The Treasury had officially released a token mapping consultation paper, which would form the groundwork for forthcoming crypto regulations.
“The release of this consultation paper is an important step in finalizing the framework for the future of the crypto asset sector in Australia,” said Acting Assistant Treasurer Jonathan Duniam. “I encourage interested stakeholders to provide their views on the proposals put forward by the department.”
For traders, the growth of crypto ATMs in Australia and the impending release of cryptocurrency legislation in the country could signify a changing market. With 364 crypto ATMs present in the country, such machines give traders an easier way to convert fiat currencies to crypto without the need for a digital wallet or online exchanges.
Additionally, the arrival of cryptocurrency legislation in the region offers both opportunities and risks. While it provides legitimacy to the crypto market in Australia, it could also impose barriers on businesses and traders that do not comply with the regulations. Therefore, traders should pay close attention in the coming months to the decisions made by the Australian government regarding cryptocurrency.
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 @ https://t.co/4W2msjhP9B @ASIC_Connect @AUSTRAC pic.twitter.com/OGHuZEGvDp
— Australian Treasury (@Treasury_AU) February 2, 2023
The Bottom Line
Australia’s fast-paced growth in crypto ATMs and the impending arrival of cryptocurrency legislation in the region offer both opportunities and risks for traders. The installation of more crypto ATMs in Australia presents a convenient way for traders to convert fiat currencies to crypto, but the decline of crypto ATMs globally is a concern. On the other hand, the arrival of cryptocurrency legislation in the region can provide legitimacy for the crypto industry, but traders will need to comply with new regulations. Overall, traders should keep an eye on the development of cryptocurrency in Australia and stay informed in the coming months.
