Australia has seen a huge increase in crypto ATMs over the past two years. From just 67 ATMs 2 years ago, Australia now has almost 1,200. This increase puts the country at number three, right behind the US and Canada.
The numbers tell the story
Australia had only 67 crypto ATMs in August 2022. This year, with an increase of 1,641%, the country has around 1,168 machines. These ATMs are located in major cities such as Melbourne, Sydney, Perth and Brisbane. There are hundreds ATMs spread across these vibrant hubs.
Why the rush?
One of the major factors driving this explosion of crypto ATMs is the increasing popularity of digital currencies. According to recent surveys, Australians are among the top ten digital asset owners worldwide. Accessibility to more crypto ATMs makes it easier for users to buy and sell their crypto assets, which further increases their popularity.
North American companies are playing a major role in this expansion. An American company, Bitcoin Depot, is all set to open another 200 crypto ATMs in Australia once they get permission from local authorities. This clearly shows how the Australian market is attracting crypto companies.
Worries on the horizon
It’s not all sunshine and roses, though. The proliferation of crypto ATMs has raised some red flags, with authorities concerned that these machines are being used for money laundering and fraud. Since 2019, the cash-to-crypto industry has handled at least $160 million in illegal transactions globally. In Australia alone, approximately $223 million in illicit crypto activity was reported between 2022 and 2023.
The problem is that crypto ATMs make it easy to convert money into digital currencies without much scrutiny, which can be a problem for regulators. Scammers take advantage of this and trick people into using these machines to funnel money into untraceable digital assets.
What now?
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 space. As the number of ATMs grows and regulations evolve, Australia will become an even bigger player in the global crypto scene.
In short, Australia’s crypto ATM boom shows how important the country is becoming in the world of digital currencies. While there are challenges to address, the trend reflects a vibrant and growing market.
Also read: TON Coin Price Skyrockets Due to Massive Blockchain Growth