Australia Could Create Crypto Unicorns, But Needs Clearer Regulations

IconCrypto News Terminal21 Apr, 2024

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Australia Could Create Crypto Unicorns, But Needs Clearer Regulations

Australia has the potential to become a breeding ground for cryptocurrency unicorns, but regulatory uncertainty is holding it back, according to Coinbase APAC managing director John O’Loghlen. “Australia has all the right ingredients to produce crypto unicorns — startups valued at $1 billion or more — but needs greater regulatory certainty,” O’Loghlen told Cointelegraph. “If the government and parliament can provide that clear legislative framework for digital assets, I think that will unlock a significant amount of capital coming into the sector and allow projects like a second Illuvium or Immutable to be built in Australia.” O’Loghlen also said it was “really positive” to see more young Australians wanting to allocate part of their superannuation to crypto. “It’s still a small portion of their total assets, but it shows that the younger, higher-income earners are looking at crypto as an asset class,” he said.

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