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Australia's Growing Crypto ATM Market: Overcoming Stricter Regulations

Australia's Growing Crypto ATM Market: Overcoming Stricter Regulations

Australia has cemented its position as a leading nation in the adoption of cryptocurrency, recent data shows.

Australia currently has 234 crypto ATMs, placing it behind only the United States and Canada. The country now boasts the third-highest number of crypto ATMs in the world.

According to the data from Coinatmradar, Australia only recently overtook Spain to claim the third spot.

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In just a matter of weeks, Australia installed 16 new machines. Further, the country has deployed 99 crypto ATMs in the last three months of 2022 alone. Despite a year-long bear market and global economic uncertainty, the expansion of crypto ATMs in Australia shows a growing demand for the crypto industry.

In January 2023, the city of Coolangatta welcomed its first Bitcoin (BTC) ATM with integrated Lightning Network capabilities. This further demonstrates the nation's commitment to innovation in the crypto space.

However, recently there has been an introduction of stricter regulations surrounding cryptocurrency in Australia.

Last month, Australian Prime Minister Anthony Albanese announced that his administration is working to improve the regulation of crypto services. This includes the publication of a consultation paper early in 2023.

According to multiple sources, the paper will determine which digital assets will be subject to legal regulation, as well as the potential introduction of a new custody and licensing regime.

Despite the stricter regimes, Australia's impressive growth in this area is a clear indication of its increasing importance as a player in the digital currency arena.

Meanwhile, the United States and Canada still dominate the global crypto ATM market. Their total accounts for an overwhelming 94.4% of all machines.

Aaron S. , Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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