Australia has seen a huge rise in the crypto ATM in the last two years. From merely 67 ATMs 2 years ago, Australia now has almost 1200. This rise puts the country on number three right after the US and Canada.
The Numbers Tell the Story
Australia had only 67 crypto ATMs in August 2022. Coming to this year, with an increase of 1,641%,the nation boasts around 1,168 Machines. These ATMs are situated in major cities like Melbourne, Sydney, Perth and Brisbane. There are hundreds of ATMs spread across these bustling hubs.
Why the Rush?
One of the major factors that is driving this explosion of crypto ATMs is the rising popularity of digital currencies. According to recent surveys, Australians are among the top ten when it comes to owning digital assets globally. Accessibility to more crypto ATMs makes it easier for users to buy and sell their crypto assets. This boosts the popularity even further.
North American companies are playing a huge role in this expansion. A US firm, Bitcoin Depot is all set to roll out another 200 crypto ATMs in Australia once they receive clearance from local authorities. This clearly shows how the Australian market is attracting crypto companies.
Concerns on the Horizon
However, it’s not all smooth sailing. The rapid increase in crypto ATMs has raised some red flags. Authorities are concerned about these machines being used for money laundering and fraud. Since 2019, the cash-to-crypto industry has handled at least $160 million in illicit transactions globally. In Australia alone, around $223 million in illegal crypto activity was reported from 2022 to 2023.
The problem is that crypto ATMs make it easy to convert cash into digital currency without a lot of checks, which can be a problem for regulators. Scammers are taking advantage of this, tricking people into using these machines to funnel money into untraceable digital assets.
What’s Next?
Despite these concerns, the future of crypto ATMs in Australia looks promising. The country’s interest in gambling and speculative investments is spilling over into the crypto world. As the number of ATMs grows and regulations evolve, Australia is set to become an even bigger player in the global crypto scene.
In short, Australia’s crypto ATM boom shows the country’s growing importance in the digital currency world. While there are challenges to tackle, the trend reflects a vibrant and expanding market.
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