Australia's Push for Crypto Regulation and ATM Growth

Australia overtakes Asia in crypto ATM installations with 364 machines installed in 2023 and as worldwide numbers decline

Australia has surpassed Asia in the total number of installed cryptocurrency ATMs. While Asia has 355 crypto machines, accounting for just 1% of the total number of crypto ATMs installed globally, Australia has installed 364 crypto ATMs since the beginning of 2023. 

This is due to Australia's recent effort to install more avenues for fiat-to-crypto conversions, which has led to consistent additions of Bitcoin ATMs over the last eight months. In contrast, leading European nations and the United States reported a reduction in ATM installations during that same period.

Interestingly, while Australia has been increasing its number of crypto ATMs, the total number of crypto ATMs installed worldwide has been declining. From January to February 2023 alone, the net number of cryptocurrency ATMs installed globally decreased by 412 machines.

Australia's Department of Treasury plans crypto legislation and consultation papers in Q2 2023

In addition to Australia's massive increase in crypto ATMs, leaked internal documents from the country's Department of the Treasury suggest that crypto legislation is on the horizon. The Australian government plans to release consultation papers on the matter in the second quarter of 2023. This move is supported by the release of a token mapping consultation paper, which forms the basis of upcoming crypto regulations.

However, final submissions to the cabinet are expected later in the year, indicating that any decisions regarding crypto legislation will likely be pushed back to 2024. Nevertheless, Australia's push for more crypto ATMs and upcoming crypto regulations demonstrate the country's growing interest in and acceptance of cryptocurrencies. 

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