Australian Bitcoin ATMs Are Now Seeing Impressive Growth

Key Points:

• Australia now has nearly 1,200 Bitcoin ATMs, up from 73 two years ago, making it the third-largest market globally.
• Concerns grow over the potential misuse of these ATMs for money laundering and scams, prompting regulatory scrutiny.
• Local banking restrictions and a strong gambling culture fuel the rising demand for Australian Bitcoin ATMs.

According to Bloomberg, Bitcoin ATMs have increased on the continent so quickly that Australia is now one of the fastest-growing markets for crypto kiosks.

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The Many Growing Australian Bitcoin ATMs

Data from Coin ATM Radar indicates that Australian Bitcoin ATMs have neared the 1,200 mark, a far cry from the 73 recorded two years ago-placing the country in third place globally, after the US and Canada. US-based Bitcoin Depot plans to add more than 200 other ATMs in Australia pending regulatory approval, a signal of further growth.

In reality, Bitcoin ATMs enable individuals to change cash for cryptocurrency, generally depositing it into a digital wallet or taking physical cash from crypto sales. Despite this developing trend, machines have also been at the centre of the debate. Proponents believe the ATMs create better access to crypto and help to include more diverse sets of individuals in finances.

On the other hand, critics point to money laundering and scamming as major risks. The UK and Singapore have banned crypto ATMs, and Germany will start regulating their use.

Bank Restrictions Drive Crypto Demand

Though a spike in the number of Bitcoin ATMs first popped up across North America, the rise of kiosks in Australia has been driven by North American providers. As Angela Ang, a senior policy adviser at TRM Labs, noted, regulators in Australia view crypto ATMs as a money-laundering vulnerability. Local police in Australia have described how criminal proceeds could be laundered into digital assets through an ATM and then become effectively untraceable.

Despite these concerns, demand for Australian Bitcoin ATMs continues to rise together, with the noose being tightened around digital-asset exchanges locally and a great deal of interest in alternative financial insets.