Kraken Aus CEO Predicts Australia’s Crypto Demand to Reach a Pivotal Moment

Australia’s cryptocurrency industry has the potential to benefit from the increasing global demand for crypto, as long as lawmakers make the right decisions, according to an executive from Kraken Australia. Speaking at the Formula One Grand Prix in Melbourne, the executive, Jonathon Miller, highlighted the growing interest in spot Bitcoin ETFs, stablecoin adoption, and BlackRock’s $100 million tokenization fund on Ethereum as factors that indicate a positive outlook for the crypto industry. While institutional demand for crypto has surged in the US, Miller noted that Australia has yet to experience the same level of activity. However, there has been a significant increase in interest from retail investors and crypto-related businesses in the country. Many new Australian crypto businesses are focusing on stablecoins, which Miller describes as the “killer app” of the industry. The main obstacle to crypto adoption in Australia is the lack of regulatory clarity and slow progress in legislation. Despite this, Miller expressed optimism about the engagement with Australian policymakers and emphasized the need for sensible laws that consider the international nature of crypto. He warned against overengineering localization and advised keeping regulations in line with the real risks associated with cryptocurrencies.