Australia is at risk of missing the $17B crypto boat, researchers say
Australia is on a trajectory for only $710 million in annual economic gains from crypto by 2030 unless there’s a substantial change, the Digital Finance Cooperative Research Centre says.
Australia could unlock 24 billion Australian dollars ($17 billion) annually from advances in tokenized markets and digital assets, but only if lawmakers start moving forward with regulation, according to a new report from a local fintech research group.
In a report titled “Unlocking Australia’s $24b Digital Finance Opportunity,” which was published on Monday, the Digital Finance Cooperative Research Centre (DFCRC) said regulatory uncertainty, coordination challenges and limited pathways for pilot projects to grow are the biggest constraints facing the industry.
One way to address the shortcomings would be to establish a sandbox for testing new technology, such as tokenized financial market use cases, said the DFCRC. This would lead to ongoing collaboration between regulators and industry participants and improve licensing frameworks, it said.
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