As a seasoned analyst with years of experience in the financial and technology sectors, I find myself increasingly intrigued by Australia’s strategic focus on regulating the cryptocurrency industry, particularly crypto ATMs. With my background in understanding both the potential risks and benefits that new technologies bring, I am convinced that AUSTRAC’s move is a prudent one.
Australia’s primary financial watchdog has identified cryptocurrencies as a key focus area in the coming year, and they are forming a specialized team to investigate and enforce against providers of Bitcoin Automated Teller Machines (ATMs) that might be violating Anti-Money Laundering regulations.
According to a statement made on December 6th, the head of Australia’s Transaction Reports and Analysis Centre (AUSTRAC), Brendan Thomas, revealed that their attention will be directed towards the cryptocurrency sector starting from the year 2025.
As a crypto enthusiast, I can’t help but notice the allure these digital currencies and automated teller machines present to money launderers. With their global accessibility and quick, untraceable transactions, they serve as an appealing method for such activities.
“This is the first step in AUSTRAC’s focus to reduce the criminal use of cryptocurrency in Australia. We will be focusing on this industry over the course of next year.”
As a researcher, I’m tasked with ensuring that cryptocurrency Automated Teller Machine (ATM) operators adhere to a set of minimum standards, following the guidelines provided by AUSTRAC. This is to reduce the likelihood of illegitimate cash transactions being processed through these machines.
Notable cryptocurrency ATM providers across Australia are Coinflip (with 680 machines), Localcoin (boasting 465), and Cryptolink (offering 75).
Operators of Cryptocurrency Automated Teller Machines (ATMs) are currently obliged to register themselves with AUSTRAC, perform ongoing transaction surveillance, and carry out customer identification procedures involving user data verification.
In addition, they’re required to inform about any questionable behavior and file threshold reports for cash transactions exceeding AUD 10,000 (approximately USD 6,500) in deposits or withdrawals.
As a researcher, I expressed that those who disregard the law during their operations may face potentially severe financial consequences.
With a rise in the adoption of cryptocurrencies, we can expect an increase in illicit activities associated with them. That’s why our task force aims to shut down high-risk, non-compliant operations.
In Australia, the consequences of money laundering can extend to imprisonment for as long as 12 years and financial penalties amounting to a maximum of AUD 158,400 (or approximately USD 102,072), with the possibility of serving both sentences.
Should the amount of money laundered exceed AUD 1,000,000 (one million Australian dollars), it can result in imprisonment for up to 25 years and/or fines amounting to AUD 333,000 (three hundred thirty-three thousand Australian dollars).
Australia emerging as a crypto ATM hub
Australia ranks as the third-biggest location for Bitcoin (BTC) and cryptocurrency Automated Teller Machines (ATMs). As per Coin ATM Radar data, there are currently more than 1,302 such ATMs available, representing a significant increase from the initial 67 machines seen in August 2022.
Approximately 400 digital currency exchanges are registered with AUSTRAC, however, just a limited number of these platforms actually use cryptocurrency Automated Teller Machines (ATMs).
Historically, the adoption of cryptocurrency Automated Teller Machines (ATMs) in Australia has been gradual. However, towards the end of 2022, there was a significant surge in interest as more private companies began investing in this sector.
Come April 2023, I found myself standing tall amongst the giants, with Australia’s number of Bitcoin Automated Teller Machines exceeding those in the vastly populated regions like China, Japan, Singapore, and India – a significant milestone for me as a crypto investor.
Presently, the United States leads the world in terms of Bitcoin ATMs, boasting approximately 31,647 machines that account for more than 81% of the international market. Following closely behind is Canada, which houses about 7.8% of the global market with a total of 3,022 cryptocurrency ATMs.
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2024-12-06 05:15