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

Kraken's Australian executives pointed out that if legislators make the right decisions, Australia's cryptocurrency industry can benefit from the "turning point" in global cryptocurrency demand.

Although institutional investors in the United States are increasing their demand for cryptocurrencies, a similar situation has not yet appeared in Australia. However, from the interest of retail investors and cryptocurrency-related companies, Australia's cryptocurrency market is still rapidly developing.

However, the main obstacles faced by the industry domestically are regulatory uncertainty and slow legislative progress. The government should formulate reasonable laws to promote the development of the industry. In this context, the Ministry of Finance recommends that cryptocurrency exchanges apply for financial services licenses, and ASIC will launch a new round of regulatory reforms in the coming months.

Therefore, good regulations need to consider the international nature of cryptocurrencies and avoid excessive localization.