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

Kraken Australia CEO Jonathan Miller noted that Australia’s crypto industry could benefit from an “inflection point” in global crypto demand, as long as Australian lawmakers make the right decisions. Miller said that while institutional investor demand for cryptocurrencies is increasing in the United States, a similar situation has not yet occurred in Australia. However, judging from the interest from retail investors and cryptocurrency-related businesses, Australia’s cryptocurrency market is still developing rapidly. However, the main obstacles the industry faces locally are regulatory uncertainty and slow legislative progress. The Australian government should formulate reasonable laws to promote the development of the industry. In October 2023, the Australian Treasury released a consultation paper recommending that cryptocurrency exchanges be forced to apply for a financial services license from the Australian Securities and Investments Commission (ASIC). On March 21 this year, ASIC Chairman Alan Kirkland said that ASIC will launch a new round of regulatory reforms in the next few months, focusing on solving the "three regulatory problems" - protecting consumers, market integrity and promoting financial innovation. Miller said good regulations need to take into account the international nature of cryptocurrencies and avoid excessive localization. (Cointelegraph)