Asia, which includes major economies such as China, Japan, Singapore, and India, is home to 355 crypto ATMs, accounting for 1% of all crypto ATMs installed globally.
Australia, which has the third-largest network of Bitcoin ATMs, has surpassed Asia in terms of overall number of crypto ATMs installed.
Australia has been on a crypto ATM installation binge since the beginning of 2023, rising from fifth to third in January alone. According to Coin ATM Radar data, the country has maintained its efforts to establish avenues for fiat-to-crypto conversions.
Australia continually deployed Bitcoin ATMs over the last eight months, in contrast to leading European countries and the United States, which recorded a decrease in ATM installations during that time period.
Asia, which includes major economies such as China, Japan, Singapore, and India, is home to 355 crypto ATMs, accounting for 1% of all crypto ATMs installed globally. Australia now has 364 crypto ATMs after months of expansion.
In contrast to Australia’s crypto ATM development, the overall number of crypto ATMs installed worldwide has been steadily declining. As previously reported by Forksdaily, the net cryptocurrency ATMs installed globally decreased by 412 units in the first two months of 2023.
In addition to the country’s significant surge in crypto ATMs, leaked internal documents from Australia’s Department of Treasury revealed that crypto legislation is on the way.
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The Australian government intends to submit consultation documents in the second quarter of 2023, according to Forksdaily. The move is reasonable given that the Treasury has officially produced a token mapping consultation document, which will serve as the foundation for eventual crypto rules.
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
However, final proposals to the cabinet are expected later this year, implying that any decisions on crypto legislation would be delayed until 2024.