Kraken Australia’s Managing Director predicts an imminent turning point in cryptocurrency demand for Australia.

Australia’s cryptocurrency industry has the potential to benefit from a global surge in demand for crypto, as long as the country’s lawmakers make the right decisions, according to a Kraken Australia executive. In an interview with Cointelegraph at the Formula One Grand Prix in Melbourne, Jonathon Miller expressed optimism about the future of crypto in Australia, citing the influx of capital into Bitcoin exchange-traded funds, the adoption of stablecoins, and BlackRock’s launch of a $100 million tokenization fund on Ethereum as positive indicators. While institutional demand for crypto has been strong in the US, Miller noted that it has not yet reached the same level in Australia. However, he highlighted the increasing interest from retail investors and crypto-related businesses in the country. Many of these businesses are focused on stablecoins, which Miller described as the “killer app” of the crypto industry. The main obstacle to widespread crypto adoption in Australia, according to Miller, is the lack of regulatory clarity and slow progress in legislation. However, he expressed confidence in the positive engagement between his firm and Australian policymakers, and emphasized the importance of sensible laws that take into account the international nature of crypto. Miller urged the government to prioritize legislation and avoid overengineering localization. He also mentioned the need for regulations that effectively mitigate risks without limiting the potential of cryptocurrency.