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The New Owner of the Throne in the Australian Crypto Market

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Australia is now 4th among the crypto ATM reserves, beating El Salvador to that position. Data from CoinATMRadar revealed that Ausralia launched 99 crypto ATMs between October and December in 2022. At the time of writing, Australia now surpasses El Salvador with 7 crypto ATMs, and 219 ATMs in operation.

Australia is 0.6% of global crypto ATM installations and, at this rate, is well positioned to replace Asia’s 312 crypto ATMs. There are 38,602 crypto ATMs worldwide, with 6,071 installed in 2022 alone.

In October, TheCoinRise reported that Spain replaced El Salvador as the largest crypto ATM center at the time after installing 43 crypto ATMs in 2022 alone. However, the United States and Canada still retain the top two positions.

Canada is also reported to have registered 2,549 bitcoin ATMs in 2022 alone, up from less than 2,000 at the same time in 2021. Since the beginning of 2022, approximately 400 new Bitcoin ATMs have been installed across Canada, representing an expected increase of 28%.

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Australia is in a Growing Web3 Ecosystem

In addition to the introduction of crypto ATMs, the Australian government has announced that it plans to create a regulatory framework that will oversee the work of digital currency providers in 2023. Part of the process will address authorizing, establishing custody, regulating digital assets, and determining digital assets subject to financial services laws.

The new system will also take into account consumer protection laws. The TCA, a leading technology support group, and Accenture, a technology consultancy, say digital assets can add another $40 billion to GDP Australia, according to a report from TheCoinRise.

Meanwhile, the Reserve Bank of Australia has launched a one-year research program to study the economic benefits of a central bank digital currency (CBDC) if it decides to issue one in the future.

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