The rise of crypto is increasingly significant in Australia, with 17% of the population owning them and adoption growing driven by the younger generation. Let’s see all the details below.
Summary
Australia: growing crypto adoption among young people, 17% of the population owns one
As anticipated, the cryptocurrency market in Australia has experienced a significant growth in recent years, both in terms of ownership and adoption.
The country is one of the world leaders in the adoption of cryptocurrencies, ranking 9th out of 26 countries according to the Crypto Adoption November 2022 report by Finder. In Australia, 17% of the population owns cryptocurrencies, surpassing the global average of 15%.
Australian cryptocurrency investors are mostly young, with a significant portion under the age of 24. Bitcoin remains the dominant cryptocurrency, but Ethereum and other digital currencies are also gaining popularity.
In 2022, about 25.6% of Australians owned cryptocurrencies, showing a significant increase compared to previous years. This trend is supported by a growing interest in digital assets as investment, savings, and transaction tools.
Bitcoin, Ethereum e Binance Coin sono le criptovalute più detenute dagli australiani, mentre Dogecoin e Cardano hanno una presenza significativa, sebbene minore in termini di quota di mercato, secondo Cointree.
Increase of women in the sector and new regulations
Currently, in Australia, more men than women hold cryptocurrencies. However, the number of women entering the cryptocurrency sector is rapidly increasing.
In 2021, the number of women involved in cryptocurrencies more than doubled, indicating a trend towards greater gender balance in the sector. Despite this, only 31% of cryptocurrency owners in the country are women.
Furthermore, a significant portion of the Australian population remains skeptical towards cryptocurrencies. 43% of those who do not own cryptocurrencies perceive them as too risky, with 32% preferring traditional investments over cryptocurrencies.
The Australian regulatory framework for cryptocurrencies is primarily governed by the Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC).
The key regulations include measures related to anti-money laundering (AML), counter-terrorism financing (CTF), and initial coin offerings (ICO).
Cryptocurrencies have been subject to increasing scrutiny in Australia. In May of last year, the cryptocurrency exchange Binance Australia informed customers that they would lose access to deposits and withdrawals in Australian dollars.
This is due to a decision by its third-party service provider. In July, ASIC officials conducted searches at Binance Australia’s offices.
In October, the Australian government presented a proposal aimed at subjecting digital asset platforms to the same laws that regulate other financial service providers.
As part of the plan, operators of cryptocurrency platforms will need to obtain a license for financial services, as well as undergo continuous monitoring and routine audits of customer funds.
In response to the increasing restrictions on payments in cryptocurrencies, Blockchain Australia has launched new initiatives to address the issue of bull and bear crypto scams and fraud.
The ASX prepares to launch the first spot ETFs on Bitcoin by 2024
The Australian Securities Exchange (ASX) is on track to approve the country’s first spot Bitcoin ETFs by the end of 2024. There is currently a race to introduce the first Spot Bitcoin ETF in Australia.
It is reported that the local company BetaShares is developing a product for the ASX, while DigitalX announced in February that it had submitted an application. Also, VanEck, one of the main players in Bitcoin ETFs in the US and Europe, has resubmitted its proposal.
This initiative should offer a greater number of institutional investors the opportunity to have exposure to Bitcoin, potentially increasing the overall investment in cryptocurrencies in Australia.
It is important to note that Australia is home to several successful crypto startups, such as Power Ledger, which focuses on energy trading based on blockchain, and DigitalX, a blockchain technology and investment company.
