Crypto ATM Business: Australia Becomes 4th Largest Crypto ATM Hub

crypto atm business
Crypto ATM Business

As Australia records 216 ATMs entering into the year 2023, El Salvador, the first nation to legalize Bitcoin (BTCtickers down $16,560) has been knocked down another spot in total crypto ATM installations.

President Nayib Bukele made the decision to place more than 200 cryptocurrency ATMs all across El Salvador as part of the country’s effort to make Bitcoin legal cash. El Salvador was, in September 2021, the third-largest hub for crypto ATMs after the United States and Canada, but in 2022, Spain and Australia passed El Salvador in terms of the number of ATMs.

Crypto ATM Business: Australian Regulatory Framework for Crypto

Australia’s Treasury announced in August that it would conduct a token mapping effort to bring all digital assets under a single regulatory umbrella.

This effort intends to lay out new regulations on digital assets in order to protect and inform customers about extremely volatile markets and potential traps with cryptocurrency investments.

Before presenting any legislation, Australian Treasurer Jim Chalmers stated that the government would consult on issues connected to its ongoing token mapping work.

In order to create a stronger and more secure financial system, he continued, “our measures are about beginning to remedy that.”

The regulatory framework for cryptocurrency service providers is a component of a broad strategic plan for all payment systems in Australia that will be unveiled in the first quarter of 2023.

Indonesia crypto exchange: The country will launch national crypto exchange in 2023

Indonesia wants to launch a national cryptocurrency exchange in 2023 as part of its regulatory reform, and the Financial Services Authority will have regulatory control over it (FSA).

This change included relocating regulatory oversight of the country’s sector. Prior to the reform, Bappebti, a body with a focus on commodities, had jurisdiction over the Indonesian bitcoin market.

In addition to establishing a national cryptocurrency market, Indonesia is attempting to introduce a central bank digital currency (CBDC). Indonesia aims to use this to support cryptocurrencies and offer services to its citizens.

India crypto ban

Since 2019, the Indian government has been drafting a crypto policy, following the India crypto ban, but nothing has been approved. Nirmala Sitharaman, the Indian Finance Minister, stated that the government intends to discuss cryptocurrency legislation with the G20 participants.

Indian Government to launch Crypto Awareness Campaign

Since they have the potential to undermine the monetary and fiscal stability of the nation, cryptocurrencies like bitcoin and ether have been strongly discouraged by the Reserve Bank of India (RBI), the nation’s central bank. Shaktikanta Das, governor of the RBI, has stated that if cryptocurrencies are not outlawed, they will be the cause of the next financial disaster. Sitharaman noted that for either regulation or prohibition to be successful, international cooperation is necessary.

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