Crypto adoption stalls as government reforms fall short for Australians

Australia’s cryptocurrency market stalls as investors await the implementation of new legislation governing digital assets, despite a year of extensive ￰0￱ crypto exchange published its fifth annual Australian Crypto Survey on Wednesday, revealing that adult ownership of digital assets remained unchanged, and trust in them continues to ￰1￱ Swyftx report revealed that nearly 60% of Australians do not trust cryptocurrency, up from 57% the previous ￰2￱ also showed that the top three reasons Australians do not own crypto assets are a lack of regulation (46%), a lack of knowledge about the asset class (45%), and concerns related to fraud (31%). According to Swyftx, Australians believe that digital assets will play a crucial role in the nation’s economic ￰3￱ data showed that 4 out of 10 (39%) believe that cryptocurrency will be necessary to the economy, while 36% ￰4￱ percentage of Australians under 50 who believe cryptocurrency will play a central role in the economy increases to 51%, representing roughly half of the adult population.

A third (32%) of the respondents say they disagree that crypto will be important to the ￰5￱ trends shift among Gen Z Jason Titman, CEO of Swyftx, said that many investors are more concerned with the actual implementation of the regulations than they are with the prospect of crypto regulation at some undefined ￰6￱ added that many people still see cryptocurrency as an iconoclastic asset class, which is not necessarily a desirable feature for investors with lower risk ￰7￱ Swyftx report revealed that Australians under 35 continue to be the most active and successful cryptocurrency investors in the ￰8￱ 82% of Gen Z traders reported making money in the previous year, with an average gain of around $9,958.

Parents with children under the age of 18 have the highest ownership rate (39%), while non-parents have a rate of only 12%. Only 6% of Australians aged 50 and above currently own any digital ￰9￱ estimates that one in five (21%) or 4.5 million Australians currently own digital ￰10￱ least 1.6 million more people are expected to join the digital asset market in 2026. “While there’s reason to be excited about the future impact of digital assets, most of the mainstream messaging around this asset class remains cautionary on scams and risk.” – Jason Titman , Chief Executive Officer of ￰11￱ claimed that young Australians are now investing in developing asset classes to diversify their ￰12￱ argued that Gen Z and Millennials are undoubtedly more at ease with owning intangible assets than previous ￰13￱ Swyftx CEO added that younger Australians are diversifying into other asset classes as a result of the exorbitant cost of real ￰14￱ Titman argued that, if current trends continue, cryptocurrency will overtake stocks as the preferred investment for Gen Zs and Millennials in a few ￰15￱ explained that Gen Z and Millennials feel that to climb the property ladder, one needs a level of exposure to high-beta assets, such as a diversified ￰16￱ expands oversight of digital assets and ATM’s As previously reported by Cryptopolitan, Tony Burke, Australia’s Minister for Home Affairs, announced new regulations on October 15 that allow the AUSTRAC to impose restrictions on cryptocurrency ￰17￱ stated that the new rules will prevent money laundering and shield vulnerable Australians from financial crime and ￰18￱ Home Affairs Minister of Australia referred to ATMs as a “high-risk product” that is connected to child abuse, scams, and money ￰19￱ claimed that the change will enhance AUSTRAC’s capacity to mitigate the risks associated with money laundering linked to cryptocurrency ￰20￱ March, Australia’s national Treasurer, Jim Chalmers, unveiled a regulatory framework for stablecoins, featuring four pillars of reform: a review of improvements to the regulatory sandbox, exchange licensing, more specific tax guidelines, and other ￰21￱ your free seat in an exclusive crypto trading community - limited to 1,000 members.