Australia Surpasses Asia in Number of Installed Bitcoin ATMs
In the continent of Asia, which boasts impressive economies like China, Japan, Singapore, and India, there are currently 355 crypto machines installed. That amounts to approximately 1% of all crypto ATMs globally.
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In total, Australia now has more crypto ATMs installed than Asia, which makes it the third-largest network of Bitcoin ATMs in the world.
Australia has been actively installing cryptocurrency ATMs since the start of 2023, and in just January alone, the country has moved from the fifth spot to the third spot. According to information from Coin ATM Radar, Australia is continuing to make an effort to provide customers with more ways to convert fiat money to cryptocurrency.
During the past eight months, Australia has been consistently increasing the number of Bitcoin ATMs, while the leading European nations and the United States have experienced a decrease in the installation of these ATMs.
In Asia, some big economies like China, Japan, Singapore, and India have a total of 355 crypto machines. These machines make up only 1% of all the crypto ATMs in the world. On the other hand, in Australia, they have added more crypto ATMs over the past few months, and they now have a total of 364 machines.
While Australia has seen an increase in the number of crypto ATMs, the rest of the world is experiencing a decline. According to Cointelegraph's previous report, the number of cryptocurrency ATMs worldwide went down by 412 machines during the first two months of 2023.
A recent report shows that cryptocurrency scams in Australia have risen by a staggering 162%, causing almost $150 million in losses. This statistic is alarming as it indicates that more and more people are falling prey to crypto scams in the country. It is crucial to be aware of the various tactics employed by scammers and to be cautious when investing in crypto. Always do your research and only invest in reputable platforms to ensure that your money is safe. Remember, if something seems too good to be true, it probably is. Stay vigilant and protect yourself against crypto scams.
As a supplement to the considerable rise in crypto ATMs throughout the nation, confidential inner papers originating from the Australia Department of the Treasury have disclosed forthcoming regulations on cryptocurrency.
Cointelegraph recently reported that the government of Australia intends to publish consultation papers during the second quarter of 2023. This development appears to be well-founded, given that the treasury already put out a consultation paper on token mapping, which will serve as the foundation for forthcoming regulations on cryptocurrencies.
Attention everyone! We have just made available the consultation paper for token mapping. This consultation is a necessary step towards improving the regulations surrounding the cryptocurrency industry. You are encouraged to read the paper and provide your feedback through the link provided at https://t.co/4W2msjhP9B. We are working in collaboration with @ASIC_Connect and @AUSTRAC.
According to reports, the cabinet will receive the final submissions at a later point in the year, suggesting that any determinations regarding crypto laws will be deferred until 2024.
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