Australia Should Lift for Next Wave of Crypto Unicorn- APAC MD

Australian policymakers and TradFi firms need to level up for the upcoming wave of crypto unicorns, says John O’Loghlen, Coinbase APAC Managing Director. 

Australia has not yet hit the level of innovation emerging from the country’s crypto sector and is lagging in retail and institutional demands for cryptocurrency. John O’Loghlen, Coinbase APAC MD, acknowledged the requirement to level up the innovations and acceptance of crypto for the upcoming wave of crypto unicorns.    

Coinbase APAC MD’s Thoughts On Crypto Unicorn 

According to John O’Loghlen, Australian policymakers and TradeFi companies aren’t performing to the level of innovation emerging from the crypto sector. The lack of regulatory clarity around crypto somehow affects Australia’s performance in cryptocurrency.    

Startups with billion-dollar valuations are primed for their next wave of crypto unicorns and require clarity in legislation around digital assets so that the sector can be funded appropriately.   

“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,” O’Loghlen told Cointelegraph.

Despite some regulatory advancements in the Treasury’s October 2023 consultation paper and an informal regulatory meeting with policymakers, Australia is lagging in retail and institutional demand for crypto.

According to the Treasury’s October 2023 consultation paper, the Australian federal government will regulate the crypto exchanges but not tokens, and exchanges must apply for a financial services license from the local financial controller.   

John O’Loghlen highlighted an upsurge in demand for the utility of stablecoins, digital remittances, and a swathe. Naming a few of the multibillion-dollar companies in Australia, John O’Loghlen stated that most of these companies would emerge as the next Canva, the next Xero, the next Atlassian, or the next Afterpay. 

Crypto products, including self-managed retirement funds and High Earners Not Rich Yet (HENRY), are in high demand in the Australian market, said John O’Loghlen.  

Moreover, the expansion of Coinbase in the Australian market later this year through the crypto campaign is another good news for Australians. The campaign will help regulators and policymakers better understand the power of cryptocurrency.  

Australia’s Standing In Crypto Space 

According to the Independent Reserve Cryptocurrency Index (IRCI) 2024 survey, 95% of the Australians who took part in the survey know at least one crypto, whereas 93% of Australians are aware of Bitcoin (BTC).

Ethereum and Dogecoin are not very popular in the Australian market, as 42% of the participants know Ethereum (ETH), and only 36% of Australians know about Dogecoin (DOGE).    

Furthermore, only 27.5% of the respondents owned or owned any digital asset in the last 12 months, a drop of 1.9% compared to 2022. Additionally, most investors or crypto traders in Australia are between 25 and 34 years of age, and only 6% of individuals above 65 own cryptocurrency.  

Moreover, around 49% of the crypto investors who took part in the survey are influenced by their family and friends to invest in digital assets, whereas the media inspire 43%.