• Swyftx CEO Jason Titman states that nearly six million potential Australian crypto investors are hesitant due to unclear crypto regulations.

• Australia’s National Blockchain Roadmap and the Digital Finance Cooperative Research Centre (DFCRC) have been key in shaping the country’s crypto and blockchain landscape

• A survey revealed that 59% of respondents would invest in crypto with better regulations, while 41% still see crypto as a high-risk investment.

Crypto trading has solidified its position within the fourth industrial revolution. Governments, startups, and existing industries have turned to digital assets for faster, safer, and more secure financial services.

This trend has washed throughout the world, and the Bull Run has propelled the rate of crypto adoption through the roof.

Several Regions worldwide have taken the bold step to adopt blockchain technology and continuously support its crypto traders and Web 3-based organizations.

They include South Africa, Switzerland, Singapore and Australia. Let’s dive into the heart of Australian crypto investors, showcasing how the initiatives of its governments have propelled crypto adoption in Australia.

Here’s a look at how Swyftx CEO elaborates that the vague nature of crypto regulation in Australia is closing the doors on almost six million potential crypto traders.

Vague Crypto Laws Hinder Australian Crypto Investors

Crypto laws and regulations are a sore spot for the entire crypto community, not just Australian crypto investors. Satoshi Nakamoto initially intended for Bitcoin, the original digital assets, to forgo government control and give power back to the citizens.

As ideal and inspiring as this vision was implemented, it was another case altogether. Many governments and financial bodes initially shunned the idea, claiming it as a hoax. Only when Bitcoin hit the $1000 mark, did the crypto community catch the eye of more investors and visionaries showcasing its potential on a global scale.

Also, Read: National Australia Bank boycott cryptocurrency over scam risk claims.

This eventually led to the unprecedented growth of Web 3, which branched into other industries like agriculture and media, yet crypto regulation was still a sore spot for many.

Several regions have a positive crypto ecosystem, like South Africa and Australia. The positive view of these governments caused a ripple effect, inspiring many to look beyond cryptocurrency applications and view the redefining notion of blockchain-based products.

However, despite the Web 3 franchise growing into a trillion-dollar franchise, cryptocurrency is still it’s most prominent and profitable endeavor.

Crypto adoption in Australia has significantly increased, with Australian crypto investors pouring millions within the Bull Run period. Unfortunately, according to Jason Titman, Swyftx CEO, the growing rate of Australian crypto investors is still lagging, noting that his firm predicts between two to six Australians have yet to take the first step due to vague crypto rules.

Swyftx CEO confirmed that a survey provided that nearly a third of respondents would be more likely to enter the digital market if there were better crypto regulations in Australia.

According to the survey, 59% of respondents agreed with this opinion, while the other 41% deemed the endeavor too risky, even with better crypto regulation in Australia. In addition to the survey’s 2,229 adult respondents, 20% had never owned crypto, and 43% didn’t know enough about the franchise to participate.

Swyftx CEO said, “We have a wall of investors right now sitting on the sidelines waiting for the security of consumer protections. When national markets are regulated, you will get more investment in the sector, utility, security and interest.“

The survey further clarified that over 3.9 million Australian crypto investors are currently, and another 1.3 million are considering joining the market due to the Bull Run influence.

Unfortunately, amid the Bull Run, the crypto crackdown period heavily affected crypto adoption in Australia. The survey showcased that crypto usage in the region had fallen due to sceptics and a high rate of crypto scams, rug pulls and hacks. The overall number of Australian crypto investors has dropped from 23% to 20%.

Also, Read: Australian CBDC (eAUD): First CBDC to cross borders.

Fortunately, today’s youth have been captivated by Web 3, and Australia’s Gen Z age bracket saw an 11% increase with more youth turning to entrepreneurship.

Crypto Adoption in Australia

Given the figures displayed by Swyftx CEO, crypto addition in Australia has had a steady incline. In 2020, the nation introduced the National Blockchain Roadmap, a strategic document that outlined the potential of blockchain technology in enchanting the country’s digital economy.

These documents ignited the flames of revolution in the region. This eventually led to the erection of the Digital Finance Cooperative Research Centre, an initiative that focuses on exploring the potential of CBDCs for wholesale markets.

To place some context on these initiatives, misinformation is one of the main issues within the Web 3 franchise. Blockchain is new tech that usurps any centralized system, the backbone of most entities, including governments. Hence, a huge task is placed before us: figuring out how to integrate blockchain into an economy without infringing on its capabilities.

Many may think accomplishing this is easy, but Satoshi designed blockchain to stand alone and replace existing systems, not coexist. This leads to the need for information, researchers and analysts to figure out the best implementation method, and the NBR and DFCRC were created for that purpose.

Keeping in mind the survey Swyftx released, crypto adoption in Australia still showcases growth levels. Figuring out the best method for crypto regulation may not come easy. Still, the region has made exponential strides simply because of the level of cooperation between the industry and its governments. A potential Africa also possesses and could benefit greatly from taking a leaf from Australia’s initiatives.