Bitcoin ATMs Surging in Australia 📈
In recent years, Bitcoin automated teller machines in Australia have experienced a significant surge, making the country the fastest-growing market globally. Initially, Australia only had 73 Bitcoin ATMs in September 2022. However, this number has skyrocketed to 1,162 installations based on data from Coin ATM Radar. This surge has positioned Australia as the third country in total number of Bitcoin ATM installs, following the United States and Canada. The U.S. leads with 31,861 ATMs, while Canada follows with 3,004 ATMs. The U.S. has maintained a similar number of machines since February 2022, whereas Canada has added approximately 780 new ATMs during the same period.
- Australia’s Bitcoin ATM Market Growth
- From 73 ATMs in September 2022 to 1,162 installations currently
- Global Rankings
- Australia ranks third in total Bitcoin ATM installs
- Comparison With U.S. and Canada
- U.S. leads with 31,861 ATMs, while Canada follows with 3,004
- Stable Growth Rates
- U.S. has maintained a steady number of machines since February 2022
- Canada has added around 780 new ATMs recently
The considerable growth in Bitcoin kiosks in Australia follows a previous setback after the country took action against these machines during a spike in cryptocurrency prices in 2019. Auscoin, a local crypto exchange, was among the first to introduce ATMs into the Australian market, but its ventures faltered when the country’s financial regulator, AUSTRAC, suspended its license due to suspected ties to organized crime. In April 2022, AUSTRAC highlighted crypto ATMs as a potential avenue for funding criminal activities in its "Preventing The Criminal Abuse Of Digital Currencies" report. While Bitcoin ATMs are legal in Australia, they must operate with a valid license.
- Initial Challenges
- Crackdown on Bitcoin ATMs in 2019
- Auscoin’s License Suspension by AUSTRAC
- Regulatory Concerns
- AUSTRAC’s view on crypto ATMs as a potential means for criminal funding
- Legal Framework
- Bitcoin ATMs must be licensed to operate in Australia
The surge in Bitcoin ATM installations since 2022 can be attributed to foreign companies stepping in to fill the gap created by Auscoin’s exit from the market. Leading the current landscape is CoinFlip, with a network of 700 ATMs spread across Australia and New Zealand, as reported by Coin ATM Radar. CoinFlip’s entry into the Australian market came through the acquisition of a local player, Layer 8 Networks, in 2022, coinciding with the growth in the national ATM network.
- Market Leadership
- CoinFlip with 700 ATMs in Australia and New Zealand
- Entry Strategy
- Acquisition of Layer 8 Networks in 2022
- Contributing Factors
- Overseas companies capitalizing on market opportunities
Hot Take 🔥
In conclusion, Australia’s Bitcoin ATM market has experienced remarkable growth, becoming the third-largest in the world. The influx of foreign companies has revitalized the industry, offering more accessible options for crypto enthusiasts across the country. As the regulatory landscape evolves, the future of Bitcoin ATMs in Australia appears promising, providing a convenient bridge between traditional finance and the world of digital assets. Stay tuned to witness how this trend unfolds in the coming months.
Sources:
By
By