Australia has become a leading country in the adoption of cryptocurrencies, with a growing number of businesses and individuals recognizing the benefits of using digital assets for daily transactions. According to Coin ATM Radar, Australia has surpassed Asia in the total number of crypto ATMs installed, with 364 machines as of January 2023. This represents a significant increase since the beginning of the year, with the country climbing from fifth to third place in January alone.
Over the last eight months, Australia has consistently added Bitcoin ATMs, unlike leading European nations and the United States, which reported a reduction in ATM installations during the same period. This suggests that Australia is on a crypto ATM installation spree, reflecting the growing demand for fiat-to-crypto conversions in the country.
In contrast, Asia, which includes major economies such as China, Japan, Singapore, and India, hosts only 355 crypto machines, representing only 1% of the total crypto ATMs installed worldwide. Despite the vast population and economic power of these countries, Australia has managed to outpace them in the installation of crypto ATMs.
The increasing popularity of cryptocurrencies in Australia is not limited to the installation of crypto ATMs. Leaked internal documents from Australia’s Department of the Treasury reveal that the country is also considering the introduction of crypto legislation. This would provide a regulatory framework for the crypto industry, helping to legitimize and foster its growth.
Although the final submissions to the cabinet will reportedly come later in the year, it is clear that crypto legislation is on the horizon in Australia. This would bring the country in line with other leading crypto-friendly nations, such as Switzerland and Malta, which have established themselves as global hubs for crypto innovation and adoption.
In conclusion, Australia’s growing number of crypto ATM installations and its consideration of crypto legislation demonstrate the country’s commitment to fostering the growth and adoption of cryptocurrencies. As the crypto industry continues to evolve and gain mainstream acceptance, Australia’s proactive approach positions it as a leader in the global crypto landscape.