Crypto Adoption in Australia

Crypto Adoption in Australia: Influencers, Exchanges, and Key Companies and Cities

As the global crypto industry continues to evolve, Australia is facing the challenge of keeping pace with emerging markets in terms of regulatory development and crypto adoption. Loretta Joseph, the chair of the Australian Digital Financial Standards Advisory Council (ADFSAC), has emphasized the need for the Australian government to accelerate the process of developing crypto regulations to avoid falling behind other countries.

Joseph has expressed concern over the relatively slow pace of regulatory development in Australia compared to countries like Bermuda, Mauritius, and Nigeria. These nations have shown more agility in regulating their local crypto industries and embracing decentralized technology to improve people’s lives.

In Australia, the Treasury conducted consultations earlier this year for its “token mapping” exercise, aimed at classifying different crypto assets. A paper outlining a possible licensing framework is expected to be released in mid-2023, and roundtables on crypto licenses are scheduled for the third quarter. Additionally, there is a private bill underway to expedite crypto regulation. However, according to Joseph, these efforts are still not sufficient to keep up with the rapidly evolving crypto landscape.

To address these concerns, Joseph helped establish ADFSAC, a policy institute that brings together industry experts, academia, policymakers, and the government. The goal of the institute is to foster dialogue and collaboration to shape effective crypto policies and legislation.

Education about cryptocurrencies will also be a crucial aspect of ADFSAC’s work. Joseph believes that hands-on experience with crypto, such as downloading a wallet and exploring its ease of use, can help dispel misconceptions and facilitate productive discussions about its benefits.

Regarding the policy direction Australia should take, Joseph suggests aligning with international financial regulators such as the International Organization of Securities Commissions, the Financial Action Task Force, and the Financial Stability Board. She emphasizes the importance of adhering to global standards and predicts that the G7 and G20 forums will soon enforce crypto regulations. Companies seeking jurisdictions with lenient regulations may face difficulties surviving in the future.

In terms of influencers, exchanges, and key companies in the Australian crypto scene, several notable players contribute to the industry’s growth. Influential figures in the Australian crypto space include industry experts, researchers, and entrepreneurs who actively advocate for blockchain and cryptocurrencies. Some popular exchanges facilitating crypto trading in Australia are CoinSpot, Independent Reserve, and Swyftx. These exchanges offer a wide range of cryptocurrencies and provide user-friendly platforms for buying, selling, and storing digital assets.

Various cities in Australia have become crypto hubs, with Sydney and Melbourne leading the way. These cities host crypto-related conferences, meetups, and events that bring together industry professionals and enthusiasts. Additionally, blockchain startups and companies focusing on crypto solutions have emerged in these urban centers, contributing to the overall development of the crypto ecosystem in Australia.

While Australia faces the challenge of keeping up with rapidly evolving crypto regulations and fostering innovation, initiatives like ADFSAC and the active participation of industry influencers and key companies offer promising prospects for the country’s crypto adoption. By accelerating regulatory development and fostering dialogue, Australia can position itself as a crypto-friendly jurisdiction and unlock the potential of decentralized technologies for its citizens.