According to Jonathon Miller, an important moment has come for the crypto industry in Australia – if legislators do not interfere with the development of digital assets, they will attract even more interest from investors. While US institutional investors' demand for cryptocurrencies has surged, fueled by the launch of spot Bitcoin ETFs in the US, crypto exchange-traded funds “haven't arrived yet” in Australia, Miller said.
At the same time, interest in crypto assets from retail investors has increased. Individuals are starting to invest in cryptocurrencies again, and many people are choosing to build new businesses in this area. Miller added that new crypto-businessmen prefer to use stablecoins.
According to Miller, the biggest barrier to cryptocurrency adoption in Australia is the lack of clarity on crypto asset regulation and the slow progress of lawmakers on the issue. Due to the lack of confidence, crypto companies are afraid to provide their services in the country. Still, for the most part, Kraken's interactions with Australian policymakers have been encouraging, Miller said.
“Now we are at the stage when the demand for cryptocurrencies is still forming. So far, we have not seen active actions from Australian legislators to develop cryptocurrencies, but there is a feeling that a white streak is coming for local crypto companies,” Miller said.
A few years ago, Kraken acquired the Australian trading platform Bit Trade. However, last fall the Australian Securities and Investments Commission (ASIC) filed a lawsuit against Bit Trade for failing to comply with margin trading requirements.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
