Australia has experienced a 17-fold increase in new crypto ATMs over the past two years. It is now one of the fastest-growing markets for these kiosks globally despite growing concerns about their potential misuse by malicious actors.
According to Coin ATM Radar data, the country now ranks as the world’s third-largest market for crypto ATMs with 1,162 machines. The number of crypto ATMs significantly rose from just 67 in August 2022.
This surge includes the addition of 160 ATMs since the end of April when Australia surpassed 1,000 active machines. According to Coin ATM Radar, the number of these machines in Australia nearly doubled in the last 12 months.
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Australia holds only a 3% share of the global market. On the other hand, the United States dominates with over 82% of the market and 31,877 ATMs, followed by Canada’s 7.8% share with 3,004 machines.
This rapid growth is likely to attract attention from law enforcement. In March last year, the Australian Federal Police established a multi-agency task force focused on money laundering, acknowledging that some criminals have used crypto ATMs to launder their illicit gains.
The First Spot Bitcoin ETF In Australia
VanEck launched the first spot Bitcoin ETF on the Australian Securities Exchange (ASX) last June 20. Bitcoin ETF launch is seen as a key milestone in legitimizing crypto and related ETFs in Australia, following similar approvals in the US.
Australia’s successful launch of the first spot Bitcoin ETF marks a significant achievement in the country’s financial landscape, positioning it as a leader in cryptocurrency investment vehicles. The ETF’s introduction enhances the legitimacy of crypto assets and sets a precedent for future Bitcoin ETFs in the region.
This milestone reflects Australia’s growing role in the global crypto market, despite the regulatory challenges involved.
