Australia Now Hosts More Crypto ATMs Than Entire Asian Continent
Asia includes some of the top economic sectors in the world, such as China, Singapore, India, and Japan. The continent has installed a collective of 355 cryptocurrency machines that represent 1% of the total crypto ATM units in the whole world.
However, Australia has become the 3rd largest place for total Bitcoin ATMs. US and European legislators have worked together in the past to ensure the survival of the fintech industry while safeguarding the rights of crypto consumers.
This number has left behind Asia in terms of the total number of Bitcoin ATMs. Since the start of 2023, Australia has started to install new cryptocurrency ATMs. It managed to go from 5th position to 3rd rank as early as January.
The data projections from Coin ATM Radar have approved that this country has to keep installing new points for fiat-crypto conversions.
It means that for the last eight months, Australia has continued to work on new Bitcoin ATMs. Considering the regulatory environment in the USA, new crypto installations in the region may be expected to keep declining.
Crypto ATM Installations have Slowed Down in Europe and USA
Other reports have suggested that the total number of new installations in Europe and the USA have remained low since the start of the current year. The top economic contributors of Asia, such as India, China, Japan, and Singapore, currently host a collective of 355 Bitcoin ATMs.
This value donates 1% of all the crypto ATMs in the whole world. However, during the last few months, Australia managed to record around 364 total new installations.
On the other hand, when the number of Bitcoin ATMs was increasing in Australia, the rest of the world continued to experience a continuous fall. It was reported by Cointelegraph that during the first two months of 2023, the net strength of crypto ATMs globally plunged by 412 machines.
The massive increase in Australian crypto ATMs was leaked from the local Treasury department. This publication cited that crypto legislation has continued to move forward.
Australian Government Plans to Issue Consultation Papers
It seems like the government of Australia is moving too fast on the matter of crypto regulations as some reports have suggested that it plans to release the official consultation papers as soon as the second quarter of 2023.
This move sounds like a probability since the treasury department of Australia has also issued a new token to map this consultation paper. It could mean that the nation might be laying the foundations for the upcoming crypto-related regulations.
The Treasury Department of Australia has tweeted that it has opened consultation services. The tweet also mentioned that it released a new token to map the consultation paper. It entails that this consultation will take place in various steps for agenda reformation.
The move may be able to offer the legal precedent required to regulate the crypto sector. To this end, the account has also published the relevant charter. The final submission of this charter is expected to arrive at the end of the current year. It can mean that any new moves related to crypto regulations can be pushed as far back as 2024.
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