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By 2030, Australia is projected to generate $710 million annually from cryptocurrencies, but it could potentially earn $17 billion (24 billion Australian dollars) if the country focused on the development of tokenized assets, according to the Digital Financial Research Center (DFCRC).
In a report titled “Unlocking the Potential of Australia’s Digital Finance,” created with the involvement of the cryptocurrency exchange OKX, DFCRC claims that the lack of clear regulations for digital assets and opportunities for launching crypto projects hinders the growth of the crypto industry in the nation. Establishing a regulatory sandbox could help address these issues, allowing participants in the crypto sector to collaborate with regulators to test lending and other financial services on the blockchain.
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DFCRC estimates that asset tokenization could bring billions of dollars to Australia each year, as investors would gain access to markets with enhanced liquidity, and trading of assets would become more efficient. Tokenized money, stablecoins, or central bank digital currencies (CBDCs) have the potential to simplify both international and domestic payments by reducing reliance on banks that charge high fees. The authors of the study explained that increased transparency and smart contracts could automate trading, collateralized lending, settlements, and collateral management.
Last year, Australian authorities proposed to classify crypto platforms as financial companies and require crypto services to obtain a financial services license (AFSL).
