Australia has a promising role to play in the global crypto sphere. But if we want innovation, we need to get better at regulating crypto, invest in the industry’s development and introduce more consumer protections, lest we lose our international competitive edge.
Australia is known as the lucky country. Many believe we’re fat and happy because of mining. That we lack the innovation of other countries. That we’re a proud nation of tall-poppy cutting, bucket hat wearing, VB sipping underachievers. But now we have a chance to rehabilitate our reputation, showing the world we can give Silicon Valley a run for its money, and not just when it comes to eccentric billionaires.
Australia currently has a competitive edge when it comes to the world of crypto, but if we don’t look after our blockchain industry, we could find ourselves behind once again. Speaking to this, Chief Executive Officer at BTC Markets and Board member of Blockchain Australia, Caroline Bowler, told DMARGE it’s important we don’t see crypto as a revolution, but as an evolution.
She also pointed out that investors in this space are still very early – which is why it is often compared to the early adoption phase of the internet, and which is why it’s so important you do your own research on any crypto project you choose to invest in. That said, Ms Bowler also said: “Crypto is now considered an asset class and is well and truly here to stay.”
There have certainly been growing pains though. Speaking about BTC Markets’ history, Ms Bowler told DMARGE: “Since our founding in 2013, when the price of Bitcoin was AU$110, we have experienced five forks, two halving events, numerous bull and bear markets, countless pumps and dumps, black swan events, and more FUD and FOMO than any sector should have to deal with.”
BTC Markets also spoke to DMARGE about what needs to happen in the coming years if Australia wants to stay relevant in the crypto space. They said Australia has a promising role to play in the global crypto sphere, if it plays its cards right. To that end, BTC Markets wants to be engaged in crafting regulations that will shape the cryptocurrency landscape, ensuring ongoing innovation in the crypto industry and assisting with the regulatory framework to strengthen consumer protections.
Though the Albanese government is already reportedly getting cracking on crypto regulation, it is an ever-evolving process that will require constant work and improvement.
Caroline Bowler emphasised the importance of regulation for innovation, saying: “we are a strong advocate for appropriate, proportional regulation for our sector in Australia. Without it, we are rapidly in danger of losing an international competitive edge.”
She went on to state that “strengthened consumer protections and increased investment are both necessary for a stronger Australia” and that further clarification around “minimum capital requirements or information disclosure” is needed.
BTC Markets is the exchange of choice for traders and investors who are serious about account security, market liquidity, and cutting-edge technology. They pride themselves on being a marketplace where you can trade securely with other verified Australians. They also offer trading in 26 markets and have assisted more than 325,000 Australian traders in transacting over $22 billion on their platform. To hear more about BTC Markets, and the future of the crypto landscape, make sure to grab a ticket to DMARGE House, coming up on the 5th of October.