Canada’s biggest Bitcoin ATM network is launching in Australia with more than 30 new machines. Localcoin, a Toronto-based digital currency company, plans to start with 31 ATMs and then expand to more than 120 machines by the end of the year. The Bitcoin ATMs enable users to instantly buy crypto with cash after verifying identity, scanning a QR code, and inserting cash. Localcoin expressed it chose Australia due to its rapidly growing interest in bitcoin and “welcoming” regulatory environment. “With an ever-growing number of cryptocurrency users and enthusiasts, Australia represents a promising market where people are on the lookout for convenient and trustworthy platforms to buy and sell digital currencies.” The company has more than 900 Bitcoin ATMs around the world and is aiming to “empower individuals to join the cryptocurrency economy.” As part of the plan, crypto exchanges and digital asset platforms must comply with existing Australian financial services laws. Operators of crypto platforms would need to apply for an Australian Financial Services licence, under the proposed changes. Digital asset platforms would also be required to meet minimum standards for holding tokens and transacting tokens. “The Albanese government is acting methodically to ensure that consumers are adequately protected and innovation can flourish,” Mr. Chalmers said in a joint release with assistant treasurer, Stephen Jones. “Our proposals have been designed to ensure they are consistent with other jurisdictions, adopt existing financial service laws as appropriate, and create new bespoke obligations in the areas of highest risk. “The proposed reforms seek to reduce the risk of these collapses happening by lifting the standard of the operation of platforms and increasing oversight.” The machines can also be found in cities like Newcastle, Canberra, Geelong, Hobart, Surfers Paradise, Broadbeach, Cairns, the Sunshine Coast, and Tweed Heads, according to the Oct. 2023 data. The machines connect people to a Bitcoin wallet or exchange, rather than a bank account.
Canadian Bitcoin ATM Giant Launches in Australia
