Kraken Australia executive: Australia is ready for 'inflection point' in cryptocurrency demand

Kraken Australia executives noted that Australia’s crypto industry could benefit from an “inflection point” in global crypto demand, as long as lawmakers make the right decisions. While demand for cryptocurrencies from institutional investors in the United States is increasing, a similar situation has not yet occurred in Australia. However, judging from the interest from retail investors and cryptocurrency-related businesses, Australia’s cryptocurrency market is still developing rapidly. However, the main hurdles the industry faces domestically are regulatory uncertainty and slow legislative progress. The government should formulate reasonable laws to promote the development of the industry. Against this backdrop, Treasury has recommended that cryptocurrency exchanges apply for financial services licenses, with ASIC set to introduce a new round of regulatory reforms in the coming months. Therefore, good regulations need to take into account the international nature of cryptocurrencies and avoid excessive localization.