Australia Crypto ATM Count Rises Despite Tightening Regulations

Data from Coin ATM Radar showed there had been 95 crypto ATMs removed from the worldwide count so far in the new year. Crypto ATM installations in Australia, however, have skyrocketed.

The development is significant, especially when considering regions like El Salvador have vowed to turn the country into a regional crypto powerhouse. There are only 212 ATM crypto ATMs in El Salvador though, making up just 0.5% of the total.

With 219 cryptocurrency ATMs, Australia is just slightly ahead, with a 0.6% share of all crypto ATMs.

Related: Australia’s Watchdog Eyes Fresh Crypto Regulations

This is despite the fact that tighter cryptocurrency regulations in Australia are set to be introduced in 2023.

Reports noted Australian Prime Minister Anthony Albanese asserting last month that his administration is improving the regulation of crypto services. Meanwhile, the government is set to publish a consultation paper early in 2023 to determine which digital assets will be subject to legal regulation. Additionally, a new custody and licensing regime could soon make its way. 
Initial consultations on the country’s payments system were rolled out by the government and are open for comments until Feb. 6. Senator Andrew Bragg’s September release of the Digital Assets (Market Regulation) Bill 2022 could also decide the direction of the country’s crypto policy per experts.