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The Australian government is expected to introduce new tools to the Australian Competition and Consumer Commission (ACCC), the country’s competition watchdog, to protect consumers from crypto-related scams, which resulted in losses in crypto payments worth $221 million in 2022.



The real-time data-sharing tool will help the ACCC to detect and prevent crypto scams, in addition to boosting consumer protection.



Consumer protection will be enhanced through a framework that will regulate the licensing and custody of digital assets. This framework is scheduled to be launched by mid-2023.



The government also announced new measures that aim to protect consumers while dealing with cryptocurrencies and ensure proper risk disclosures from crypto firms, <a href="https://cointelegraph.com/news/australia-bolsters-crypto-watchdogs-in-multi-stage-plan-to-fight-scams" target="_blank" rel="noreferrer noopener">Cointelegraph reported</a>.



Australian Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones elaborated that the new measures are part of a multi-stage approach, which will be based on three elements, including boosting customer protection, setting up a framework for its token mapping reform, and promoting enforcement.



They pointed out that the multi-stage approach would lead to an increase in the size of the Australian Securities &amp; Investments Commission (ASIC)’s digital assets team and upgrading enforcement measures. Both mentioned that ASIC&#8217;s team would concentrate on making sure of the disclosure of crypto products and service providers&#8217; risks to consumers.



&#8220;The previous government dabbled in crypto policy but never took the time to future‑proof our regulatory frameworks to protect consumers and guide this new and emerging class of assets,&#8221; the treasurers said, adding: We are acting swiftly and methodically to ensure that consumers are adequately protected and true innovation can flourish.&#8221;



The multi-stage approach plan was rapidly implemented after the collapse of FTX in November 2022 which harmed 132 Australian-based companies and more than 30,000 Aussies.

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Australia Boosts Consumer Protection against Crypto Scams

Australia became the third country globally in terms of the number of crypto ATMs following the United States and Canada, according to Coin Telegraph.



Australia was the fourth by the beginning of 2023, but after its installation of 16 new crypto ATMs over the past days, the country came in third place worldwide, increasing the total number to 234. It surpassed Spain which has 222 crypto ATMs, Coin Telegraph quoted data from Coinatmradar.



Over the past three months of 2022, the country installed 99 crypto ATMs. It deployed 16 new ATMs from January 1. While El Salvador, which came in fifth place, did not install any new crypto ATMs.



While El Salvador represents about 54% of all crypto ATMs in South America. There are 38,602 crypto ATMs around the world, out of which 6,071 ATMs were installed in 2022 alone, Coin Telegraph reported. El Salvador surpasses European countries like Switzerland and the United Kingdom in the number of crypto ATMs. Currently, El Salvador uses both Bitcoin and the US dollar as legal tender.



The total number of crypto ATMs in Australia, Spain and El Salvador does not equal the total number of ATMs in the US only, which is home to 33,387 crypto ATMs (86.9% of all the machines in the world). Besides Canada, which possesses 2,556, the two countries have a stunning 94.4% of all crypto ATMs.



Due to the bear market and global tension, only 94 Bitcoin ATMs were deployed between July to the end of 2022 to the global network, compared to 4,169 ATMs in the first five months of 2022.

Crypto ATMs

Australia Became 3rd Country Globally in Having Crypto ATMs

El Salvador, which was ranked in third place globally for having the largest network of crypto ATMs, became sixth place after Australia and Poland in 2023.



Australia took over El Salvador to become the fourth-largest country having crypto ATMs, following the United States and Canada. Australia geared up its crypto ATM installations, as they reached 225 ATMs.



El Salvador&#8217;s President Nayib Bukele ordered installing more than 200 crypto ATMs across the country, a move which made the country third place globally after the US and Canada in September 2022. But in a short time, Spain overtook this position in October 2022 after installing 215 ATMs.



El Salvador&#8217;s position in third place was short-lived after Australia accelerated its plans to install more crypto ATMs over the past months, which record 225 at the time of writing, <a href="https://coinatmradar.com/countries/" target="_blank" rel="noreferrer noopener">according to Coin ATM Radar website.</a>



As a part of its keenness to enhance its crypto environment, the Australian Federal Police have recently established a crypto unit to monitor cryptocurrency-related transactions and target money laundering. Now, Australia represents about 0.6% of global crypto ATM installations.



While El Salvador represents about 54% of all crypto ATMs in South America. There are 38,602 crypto ATMs around the world, out of which 6,071 ATMs were installed in 2022 alone, <a href="https://cointelegraph.com/news/australia-overtakes-el-salvador-to-become-4th-largest-crypto-atm-hub" target="_blank" rel="noreferrer noopener">Coin Telegraph reported</a>. El Salvador surpasses European countries like Switzerland and the United Kingdom in the number of crypto ATMs. Currently, El Salvador uses both Bitcoin and the US dollar as legal tender.

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