Australia Dethrones El Salvador as the 4th Largest Crypto ATM Hub

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Australia has now been ranked the 4th largest crypto Automated Teller Machine (ATM) hub, stripping El Salvador of the position.

Data from CoinATMRadar revealed that Australia deployed 99 crypto ATMs within the months of October to December in 2022.  As of the time of writing, Australia currently outnumbers El Salvador by 7 crypto ATMs, with 219 active crypto ATMs.

Australia accounts for 0.6% of global crypto ATM installations and, at this rate, is well-positioned to supplant Asia’s 312 crypto ATMs. There are 38,602 crypto ATMs in the world, with 6,071 installed in 2022 alone.

In October, TheCoinRise reported that Spain displaced El Salvador as the largest crypto ATM hub at the time after installing 43 crypto ATMs in 2022 alone. Although, the United States and Canada still maintain the top two positions.

It was also reported that Canada recorded 2,549 Bitcoin ATMs in 2022 alone, with an increase from fewer than 2,000 at the same time in 2021. Since the beginning of 2022, approximately 400 new Bitcoin ATMs were installed across Canada, representing an early increase of 28%.

Australia in the Growing Web3 Ecosystem

In addition to the installation of crypto ATMs, the Australian government has said it will make plans to create a regulatory framework that will oversee the activities of digital assets service providers in 2023.

A part of the framework will address licensing, custody establishment, regulation of digital assets, and the determination of which digital assets are subject to financial services laws. The new framework would also take into account customer protection rules.

Tech Council of Australia (TCA), one of the major technology advocacy groups, and Accenture, a technology consulting firm, claim that digital assets could provide an additional $40 billion to Australia’s Gross Domestic Product (GDP), according to a news report from TheCoinRise.

Meanwhile, the Reserve Bank of Australia has launched a one-year research program to investigate the economic utility of a Central Bank Digital Currency (CBDC) if it decides to issue one in the future.

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