A report based on recent on-chain data has revealed that Australia has installed more Bitcoin ATMs than Asia combined. This revelation surprises many, especially given the immense size and technological advancement of the Asian continent.
Per the report, Asia, which comprises major economies like Japan, China, India, and Singapore, has 355 crypto machines installed, accounting for only 1% of the total number of crypto ATMs worldwide. On the other hand, Australia has set up 364 Bitcoin ATMs, which suggests the country’s growing fascination with digital currencies.
Australia Has More Bitcoin ATMs Than Asia
Australia now has more crypto ATMs than any other country in Asia, as it has been rapidly installing them since the beginning of the year. It currently hosts the third-largest network of Bitcoin ATMs in the world.
Coin ATM Radar data shows that the country has been actively pursuing avenues for converting fiat currency to cryptocurrency. This effort has propelled it from fifth to third place in the cryptocurrency ATM installation rankings in just one month.
Australia has long been known for its progressive and innovative approach to technology. In recent years, the country has emerged as a hub for fintech companies, and this trend hasn’t stopped or declined despite the growing popularity and adoption of cryptocurrency.
The government of Australia has been supportive of cryptocurrency and blockchain technology, recognizing the potential benefits they can bring to the economy. In the past eight months, while leading European nations and the United States have seen a decline in ATM installations, Australia has been continuously adding Bitcoin ATMs
The revelation is surprising given that Asia comprises top global economies like Japan, China, India, and Singapore.
Australia And Upcoming Crypto Regulations
Australia’s growth in cryptocurrency ATMs contradicts the worldwide trend of a consistent decline in crypto ATM installations in recent months. According to previous reports, the number of cryptocurrency ATMs globally decreased by 412 machines in the first two months of 2023.
Additionally, leaked internal documents from Australia’s Department of the Treasury have indicated that crypto legislation is forthcoming. Reports suggest that the Australian government is set to release consultation papers in the second quarter of 2023 regarding upcoming crypto regulations.
This move aligns with the treasury’s release of a token mapping consultation paper, which will serve as the basis for these regulations. However, the final submissions to the cabinet will not be made until later in the year, indicating that any decisions on crypto legislation will likely be postponed until 2024.
With the increasing availability of Bitcoin ATMs, Australians can now easily participate in the growing digital economy. Crypto proponents can expect further growth and development in this area in the coming years.
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