Millions of potential Australian crypto investors are currently “sitting on the sidelines,” waiting for more straightforward regulations around the market, according to a new report from local crypto exchange Swyftx.
The report, based on a survey of 2,229 adult Australians, provides insights into the current state of crypto adoption and attitudes towards regulation in the country.
According to the survey, nearly one-third of participants indicated they would be more likely to invest in cryptocurrency if it were regulated. Moreover, 41% of respondents expressed a lack of trust in unregulated cryptocurrencies. The survey also found that 20% of participants had never owned cryptocurrency, while 43% admitted to having insufficient knowledge about it.
Swyftx estimates that 3.9 million Australians currently own cryptocurrency, with an additional 1.3 million considering entering the market within the next year. While the overall percentage of digital asset ownership dropped from 23% to 20%, there was an 11% increase in usage among Gen Z.
In recent interview, Jason Titman, CEO of Swyftx, reportedly predicted that between two to six million Australians will enter the crypto market once regulations are established. He emphasized the importance of consumer protections, stating that a “wall of investors” is waiting on the sidelines for regulatory clarity. Titman argued that regulated national markets would attract more investment, utility, security, and interest in the sector.
The CEO further noted that crypto adoption would likely stagnate until Australia progresses on regulations, highlighting the finite number of investors willing to risk entering an unregulated market. Titman believes that a regulated industry is crucial for reaching one billion global crypto owners, citing the Australian evidence as support for potential exponential growth in the international crypto economy post-regulation.
This report comes in the wake of concerning development in the sector. A new report revealed that Australians had lost over AUD 180 million (approximately $122 million) to crypto investment scams in the past year as of August 2024. In response, federal law enforcement agencies, along with state and territory police, issued a public warning urging Australians to remain vigilant, especially when encountering investment opportunities that seem too good to be true.
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