- The Australian Bitcoin ATM market is the third largest, with 1,160 installations.
- Thanks to CoinFlip (a Chicago-based ATM provider), Australia’s Bitcoin ATM installations have grown by 176% since 2022.
- Becoming the fastest-growing Bitcoin ATM market might attract more visitors who want to spend their crypto assets freely.
The number of Australia’s Bitcoin ATMs has significantly increased over time, making it the world’s fastest-growing market for crypto kiosks.
Australia only had 73 $BTC ATMs in September 2022 but now boasts 1,160 installations – a 17X surge.
It has the third-most crypto kiosk installments worldwide, trailing behind the US (31,861) and Canada (3,004).
But not without its setbacks. Let’s explore Australia’s crypto ATM struggles ahead of widespread acceptance.
Australia’s Financial Regulator Cited Crypto ATMs as Risky
Australia’s progressive embrace of Bitcoin ATMs picked up after early obstacles in 2019.
In 2019, the Australian government initially clamped down on crypto-based ATMs amid surging crypto prices.
Australian crypto exchange Auscoin was one of the first to be affected by the government’s restrictions. AUSTRAC (Australia’s financial regulator) then revoked its license over crypto’s ties to crime, and the police accused the ATM firm of being a front for international drug smuggling.
In 2020, AUSTRAC generally cited crypto ATMs as a risk for illegal activities, claiming that more stringent measures were necessary to curb criminal transactions.
To address these risks, financial service providers should identify and understand the associated money laundering and terrorism financing risks and have appropriate risk-based systems and controls in place as part of their AML/CTF programs.AUSTRAC
The AML/CTF program requires financial providers to show evidence of how they can address financial terrorism risks by developing policies, procedures, and controls to prevent them.
Chicago-Based CoinFlip Perks Up Australia’s Crypto Stance
Licensed Bitcoin ATMs are legal in Australia.
In 2022, offshore companies began taking action to fulfill the needs of crypto users, driving the country’s Bitcoin ATM market to grow by ~176% ever since.
Chicago-based CoinFlip is the frontrunner in Australia’s crypto ATM sector, with ~700 kiosks nationwide.
CoinFlip’s ATMs support $BTC, $ETH, $LTC, $DOGE, $USDT, and fiat. And most of its kiosks are located in Sydney (383), Melbourne (282), Brisbane (191), and Perth (134).
Our Verdict – CoinFlip Makes Australia Appealing to Crypto Juggernauts
Despite regulatory concerns and hurdles over crypto security, Australia has quickly become a major player in the crypto ATM market.
CoinFlip’s crypto kiosks likely make Australia an attractive country for blockchain enthusiasts who want to travel and spend their digital assets hassle-free.
References
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Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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