Deep Tide TechFlow news, on December 9, according to Cointelegraph, KPMG's latest report shows that the Australian fintech industry will continue to shrink in 2024, with the blockchain and cryptocurrency sectors suffering the greatest impact.
Data shows that the number of independent fintech companies in the country has decreased from 800 in 2022 to the current 767, with the number of blockchain and crypto enterprises declining by 14% year-on-year, leaving only 74 operational. Among the 60 fintech companies that went bankrupt this year, 4.5% ceased operations, and 3% closed due to mergers and acquisitions.
KPMG pointed out that favorable news such as the approval of the Bitcoin spot ETF in the United States could reverse this trend by 2025. At the same time, Australian financial regulators ASIC and anti-money laundering agency AUSTRAC are strengthening their regulatory efforts on the crypto industry.