Since the beginning of 2023, Australia delved into a crypto ATM installation spree — climbing up from the fifth spot to the third in January alone. Data from Coin ATM Radar confirms that the country has kept up the effort to install avenues for fiat-to-crypto conversions.
Over the last eight months, Australia consistently added Bitcoin ATMs unlike leading European nations and the United States which reported a reduction in ATM installations during that timeline.
Asia, which includes prominent economies such as China, Japan, Singapore and India, hosts 355 crypto machines, representing 1% of the total crypto ATMs installed worldwide. Upon months of positive inclusion, Australia recorded the presence of 364 crypto ATMs.
Contradicting Australia’s crypto ATM growth, the total crypto ATMs installed worldwide showed a consistent decline. As previously reported by Cointelegraph, in the first two months of 2023, the net cryptocurrency ATMs installed globally reduced by 412 machines.
Complementing the country’s massive increase in crypto ATMs, leaked internal documents from the Australian Treasury Department revealed the nearing of crypto legislation in the region.
As reported by Cointelegraph, the Australian government plans to release consultation papers in the second quarter of 2023. THe move seems plausible as the Treasury had officially released a token mapping consultation paper, which would form the basis of upcoming crypto regulations.
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, the final submissions to the cabinet will be reportedly made later in the year, which implies that the any decisions on crypto legislation will be pushed to 2024.