Australia has become the world’s fourth-largest crypto ATM hub, after it deployed 99 crypto ATMs in the last quarter of 2022.
The country overtook crypto-friendly El Salvador for the position, according to Grand View Research, a US-based market research firm.
At 219 ATMs, Australia represents 0.6% of the world’s crypto ATMs, and is well-positioned to take over Spain’s position at third place with 226 ATMs.
Topping the charts are United States and Canada which account for 45% of the crypto ATM market.
This news comes amidst the country’s regulatory crackdown of the crypto industry, which is expected to be rolled out this quarter.
Global crypto ATM trends
Regulatory framework for crypto
In August, Australia's Treasury revealed that it would roll out a token mapping exercise to collate all the digital assets under one regulatory framework.
This exercise aims to outline new rules on digital assets in order to safeguard and educate consumers about extreme market volatility and the possible pitfalls of crypto investments.
Australian Treasurer Jim Chalmers said that the government would consult on matters relating to its ongoing token mapping work before introducing any legislation.
“Our reforms are about starting to fix that in pursuit of a financial system that is stronger and more secure,” he added.
The regulation framework of crypto service providers forms part of an overarching strategic plan for all payments systems across Australia, which is set to be launched in the first quarter of 2023.
Subsequently, the treasury has drafted a consultation paper, which is open to feedback until February 6, 2023.
The consultation paper touches upon various aspects of the crypto ecosystem including digital wallets, stablecoins, crypto assets and central bank digital currencies