Australia has recently emerged as a powerhouse in the crypto ATM space, surpassing the entire continent of Asia in the total number of crypto ATMs installed.
According to data from Coin ATM Radar, Australia now hosts the third-largest network of Bitcoin ATMs in the world, with 364 machines installed.
What’s even more impressive is the country’s consistent growth in space. While other leading nations, such as the United States and various European countries, have seen a reduction in ATM installations, Australia has been consistently adding new machines since the beginning of 2023.
This growth comes at a time when the global total of cryptocurrency ATMs has been steadily declining. In the first two months of the year, there was a net reduction of 412 machines installed worldwide. However, Australia has bucked this trend and continued to expand its network.
While Asia hosts just 355 crypto ATMs, representing only 1% of the global total, Australia’s growth in the space has been impressive.
This growth has coincided with leaked internal documents from Australia’s Department of the Treasury revealing that new crypto legislation is on the horizon.
The Australian government has plans to release consultation papers in the second quarter of the year, indicating that the country is taking a proactive approach to regulating the crypto industry. The Treasury has already released a token mapping consultation paper, which will form the basis of the upcoming regulations.