03.04.2024

Jonathon Miller: “It’s a watershed moment for cryptocurrencies in Australia”

Jonathon Miller, CEO of the Australian division of the Kraken cryptocurrency exchange, spoke about the pace of cryptocurrency adoption in the country and the demand for bitcoin ETFs among local investors.

According to Jonathon Miller, the crypto industry in Australia has reached an important moment – if lawmakers do not prevent the development of digital assets, they will generate even more interest among investors. Although U.S. institutional investor demand for cryptocurrencies has surged, helped by the launch of spot bitcoin ETFs in the U.S., cryptocurrency exchange-traded funds “haven’t made it to Australia yet,” Miller noted.

Meanwhile, retail investor interest in crypto assets has increased. Individuals are starting to invest in cryptocurrencies again, and many people are choosing to build new businesses in this area. Miller added that new crypto-businesses prefer to use stablecoins specifically.

According to Miller, the biggest obstacle to the adoption of cryptocurrencies in Australia is the lack of clarity on the regulation of crypto assets and the slow progress of lawmakers on the issue. Due to the lack of certainty, cryptocurrency companies are wary of providing their services in the country. Nevertheless, for the most part, Kraken’s engagement with Australian policymakers has been encouraging, Miller emphasized.

“We are now at a stage where the demand for cryptocurrencies is still emerging. So far, we have not seen any active action from Australian lawmakers to develop cryptocurrencies, but there is a sense that a white streak is coming for local cryptocurrency companies,” Miller said.

Kraken bought out Australian trading platform Bit Trade a few years ago. However, last fall, the Australian Securities and Investments Commission (ASIC) filed a lawsuit against Bit Trade for failing to comply with margin trading requirements.

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Коля Мельниченко

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