Australia is experiencing a significant surge in the number of cryptocurrency ATMs, with their presence increasing 16-fold in just two years. As reported by Coin ATM Radar, an organization that collects and analyzes crypto data, the country boasts over 1,200 such machines, effectively positioning it as the third-largest crypto ATM market internationally. The only two countries with more machines are the United States, with more than 35,000 machines, and Canada, with approximately 3,000.
Cryptocurrency ATMs enable clients to exchange cash for digital currencies such as Bitcoin, Ether, and Dogecoin or vice versa. These machines have proved famous since they provide an opportunity for people to participate in cryptocurrency transactions simply. However, they have also been used for unlawful purposes, including money laundering, where users place cash, its origin being difficult to trace due to several covered transactions.
Australia Embraces Challenges and Opportunities in Booming Crypto ATM Market
Australia saw fast growth in crypto ATMs after New Year 2023 where there were only around 200 machines. After that, thousands of them appeared, and now Australia has one of the highest rates of development of such kiosks. Earlier this month, the CEO of the US-based Bitcoin Depot Inc. said that the firm has over 200 machines that are categorized as ATMs and are ready to be launched in Australia upon receiving a nod from the Australian Transaction Reports and Analysis Centre.
On the other hand, leading Australian-based banks such as the Commonwealth Bank, NAB, ANZ, and Westpac have put measures in place to regulate the use of cryptocurrencies. In June 2023, Commonwealth Bank mentioned that the increased adoption of cryptocurrencies has caused an upswing of scams wherein several clients fell prey to and lost their money. Consequently, the bank has had to lower or suspend some transactions to the cryptocurrency exchanges for 24 hours as a means of safeguarding its clients.
With the continual increase in the installation of Cryptocurrency ATMs across Australia, the country is in a position to embrace challenges and opportunities in such a market.
