• Jason Titman says that Clearer regulations could bring in more Australian crypto investors.

  • A quarter of Australians already own cryptocurrency, with the average profit from trading reaching $8,218.

Jason Titman, CEO of Australian cryptocurrency exchange CEO, Jason titman Swyftx, has noted that millions of potential crypto investors in Australia are hesitant to enter the market due to unclear regulations. Titman predicts that once the regulatory environment stabilizes, between two to six million Aussies will likely venture into cryptocurrency investing.

Swyftx recently conducted a national cryptocurrency survey between July 16 and July 23, 2024. The results showed that 41% of respondents chose the option, “I don’t trust it because it’s not well regulated,” reflecting widespread concern about the current regulatory framework. Cryptocurrencies are legal in Australia and are treated as property, meaning any profits must be reported to tax authorities. But firm regulations are still lacking.

Reason for not Owning Crypto (Source: Swyftx)

The report finds that,

“Millennials and Gen Z are particularly sensitive to regulation, with 47% of Millennials and 42% of Gen Z saying they would be more likely to buy digital assets in a well-regulated environment.”

One of the main barriers to crypto adoption is the need for clearer rules, with 32% of Aussies saying they would be more likely to invest in digital assets if regulations were strengthened. The collapse of FTX, a global cryptocurrency exchange, has further eroded trust in the sector among Australians.

A Quarter of Australians own Cryptocurrency

Despite these challenges, the report shows that a quarter of Australians already own cryptocurrency. On average, Australians have made profits of $8,218 from cryptocurrency trading. Notably, for the second consecutive year, women in Australia have outperformed men in terms of crypto profits.

In addition, the findings suggest that over 900,000 Australians are expected to enter the crypto market for the first time within the next 12 months. Currently, 3.9 million Australians own cryptocurrency, and younger Australians are increasingly using digital assets as part of their retirement planning. 

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