{"id":92840,"date":"2024-09-11T03:36:28","date_gmt":"2024-09-11T07:36:28","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=92840"},"modified":"2024-09-11T03:43:11","modified_gmt":"2024-09-11T07:43:11","slug":"australian-crypto-investors-await-clearer-regulations","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/australian-crypto-investors-await-clearer-regulations\/","title":{"rendered":"Swyftx CEO: Australian Crypto Investors Await Clearer Regulations"},"content":{"rendered":"\n

Crypto exchange Swyftx predicts between\u00a0two to six million Australians could enter the market <\/a>if regulated.<\/p>\n\n\n\n

\"Swyftx<\/figure>\n\n\n\n

According to the CEO of a local crypto exchange, millions of potential crypto investors in Australia are waiting on the sidelines for clearer regulations. <\/p>\n\n\n\n

Jason Titman, the CEO of Swyftx, told Cointelegraph<\/em> that his company expects between two and six million Australians to enter the crypto market once “the dust has settled on regulation.”<\/p>\n\n\n\n

A survey\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> conducted by Swyftx revealed that nearly one-third of respondents would be more inclined to buy crypto if regulated, while 41% expressed a lack of trust in the market without regulations. <\/p>\n\n\n\n

Among the 2,229 adults surveyed, 20% had never owned crypto, and 43% admitted they didn\u2019t understand how crypto works.<\/p>\n\n\n\n

\"Swyftx
Most respondents said they didn\u2019t know enough about how crypto works or were too concerned about regulation to consider investing. Source: Swyftx<\/em><\/figcaption><\/figure>\n\n\n\n

\u201cWe have a wall of investors right now sitting on the sidelines waiting for the security of consumer protections,\u201d Titman said. <\/p>\n\n\n\n

He added that once national markets are regulated, there will be “more investment in the sector, more utility, more security, and more interest.”<\/p>\n\n\n\n

The survey estimated that 3.9 million Australians own crypto<\/a>, while another 1.3 million are considering entering the market next year.<\/p>\n\n\n\n

However, crypto usage in Australia has slightly decreased despite Bitcoin reaching an all-time high of $73,750 in March 2024. <\/p>\n\n\n\n

\"Swyftx
An estimated 3.9 million Australians currently own cryptocurrency, compared to 4.5 million in 2023. Source: Swyftx<\/em><\/figcaption><\/figure>\n\n\n\n

The percentage of people owning digital assets dropped from 23% to 20%, although usage among Gen Z saw an 11% increase.<\/p>\n\n\n\n

Most investors reported making a profit over the past year, with approximately 82% claiming gains, and Swyftx estimates the average profit to be around $9,600.<\/p>\n\n\n\n

Titman predicts that crypto adoption will remain “sideways” until regulations are implemented. <\/p>\n\n\n\n

\u201cThe reality is that there are a finite number of investors who are willing to take on the risk of entering an unregulated market,\u201d he said. Without regulation, he expects adoption to slow.<\/p>\n\n\n\n

He also highlighted that evidence from Australia supports the notion that the global crypto economy will experience exponential growth once it's regulated, saying, \u201cWe think a regulated industry is almost certainly how we hit one billion global crypto owners.\u201d<\/p>\n\n\n\n

While cryptocurrencies are legal in Australia and subject to property laws, profits from investments must be reported to tax authorities. <\/p>\n\n\n\n

The government has promised to introduce regulations for exchanges and custody, but no definitive rules have been set yet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto exchange Swyftx predicts between\u00a0two to six million Australians could enter the market if regulated. According to the CEO of a local crypto exchange, millions of potential crypto investors in Australia are waiting on the sidelines for clearer regulations. Jason Titman, the CEO of Swyftx, told Cointelegraph that his company expects between two and six […]<\/p>\n","protected":false},"author":56,"featured_media":92846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[12094,152,8508,984,1058],"class_list":["post-92840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-adoption-2","tag-bitcoin","tag-bitcoin-regulation-2","tag-cryptocurrency-exchange","tag-digital-asset"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/Swyftx-CEO-Australian-Crypto-Investors-Await-Clearer-Regulations.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/92840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=92840"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/92840\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/92846"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=92840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=92840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=92840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}