The increase puts Australia third in the world for crypto ATMs after the United States and Canada, with 31,861 and 3,004 installed at the start of the year, respectively. Coin ATM Radar analysts noted that the growth of crypto ATMs in the United States has slowed since February 2022, while Canada added 780 units during that period.
The number of cryptocurrency ATMs in Australia is growing despite uncertainty over cryptocurrency regulation. In 2019, the growth of the digital asset market prompted the Australian Transaction Reporting and Analysis Centre (AUSTRAC) to introduce stricter rules for cryptocurrency ATMs amid concerns that the devices could be used for criminal purposes.
This led to the suspension of the license of Auscoin, a company that operated crypto ATMs across Australia. In 2019, Auscoin CEO Sam Karagiozis was arrested for drug trafficking on the dark web.
Despite this incident, crypto ATMs can legally operate in Australia as long as the operator is licensed.
According to April data from Coin ATM Radar, Australia has overtaken Asian countries such as China, Japan, Singapore and India in terms of the number of crypto ATMs. European countries, on the contrary, have been reducing the number of devices that help convert fiat money into cryptocurrency.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
