- Coinbase’s APAC Managing Director has implored the Aussie Government to work together with major industry players to improve regulatory clarity.
- According to John O’Loghlen, Australia is home to several “could-be” unicorn startups in the blockchain sector – but regulatory muddiness may be holding them back.
- Meanwhile, crypto ownership in Australia is set to reach new heights in 2024.
Australian crypto unicorns may be on their way – but first, the rest of the country needs to catch up. According to Coinbase’s Asia Pacific Managing Director, John O’Loghlen, the land Down Under is home to some of the world’s most exciting crypto innovators. And yet, the government regulations and notoriously stubborn Big Four banking sectors are mostly shying away from the market, despite the foray into tokenisation from ANZ.
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Aussie Crypto Ownership Nearing ATH As Coinbase Opens Dialogue
O’Loghlen was strong that Australia could become a central hub for crypto innovation over the next decade, but there was one clear roadblock preventing this – regulatory clarity. For the most part, Australia has been a regulatory grey area for crypto, similar to the United States. Although the nation isn’t strictly anti-digital currency, they aren’t really fostering growth, either. Moves have been made in recent times to fix this, with the Albanese government starting consultation with several major industry players. But still, O’Loghlen believes the Australian policymakers are lagging behind.
It’s really important that we get this clarity in legislation around digital assets so that the sector can be properly funded…I don’t think the penny’s dropped in Canberra or on the high street in terms of just how much great human capital there is in Australia.
John O’Loghlen, Coinbase’s Asia Pacific Managing Director Further to O’Loghlen’s point, a recent survey from the Independent Reserve Crypto Index showed that 2024 ownership of digital assets is approaching 2021’s all-time high. If Bitcoin’s strong performance continues, it’s quite likely that 2024 will mark Australia’s highest point of crypto adoption.
Given Coinbase’s current struggles in the US – with Gary Gensler breathing down their neck – O’Loghlen wants to ensure clear communication with the Aussie Government to avoid such situations.
It’s important that people in Canberra, government representatives and policymakers, can see the real use cases for entrepreneurs and founders who are saving money and getting utility out of crypto.
John O’Loghlen, Coinbase’s Asia Pacific Managing Director Get the most important crypto news delivered to your inbox by subscribing to the CNA newsletter
Source:
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