Australians are demonstrating a strong interest in cryptocurrencies, exceeding many other nations in per capita engagement, according to recent data. This interest is primarily geared towards trading and speculation within the digital asset space.
Data compiled by Andreessen Horowitz's crypto division shows that Australia leads in token-related web traffic, excluding Bitcoin and stablecoins, with 74.63% per billion people. South Korea follows closely with 73.48%, and the United Kingdom ranks third with 62.15%. The United States lags behind with only 40.73%. This suggests a higher relative engagement with diverse crypto assets among Australians compared to their global counterparts.
The Australian crypto market is expected to continue its expansion, with projections estimating a total revenue of $1.2 billion AUD ($780 million USD) by 2026. This growth is coupled with an anticipated user base of 11.16 million by 2026, indicating that nearly 41% of Australians will be participating in the crypto market.
Driving this interest is a notable trend among younger investors. A survey by Swyftx revealed that 40% of Gen Z and Millennial Australians regret not investing in cryptocurrencies a decade ago. These younger investors are seeking high-growth assets and generally possess a solid understanding of the crypto asset class. Swyftx's annual survey also indicated that Australia remains among the top countries for crypto adoption, with approximately 20% of the population owning digital assets.
Gen Z respondents showed a significant increase in crypto ownership through 2024, recording an 11% increase. This translates to roughly half a million Australians aged 28 or younger entering the crypto market within a year.
However, despite the growing interest and adoption, a recent survey by Swyftx indicates that adult ownership of digital assets has remained unchanged, and trust in them continues to decline. Nearly 60% of Australians express distrust in cryptocurrency, a 3% increase from the previous year. The primary reasons for this distrust include a lack of regulation (46%), a lack of knowledge about the asset class (45%), and concerns related to fraud (31%).
In response to these concerns and to foster a more secure and transparent environment, the Australian government is actively working on establishing a comprehensive regulatory framework for digital assets. A key component of this framework is the requirement for digital asset sellers to hold an Australian Financial Services Licence (AFSL). These new regulations aim to legitimize credible actors in the crypto space while clamping down on illicit activities. Smaller platforms with limited customer interaction and transaction volumes will be exempt from these regulations.
These regulatory developments are already influencing the industry. Kate Cooper, CEO of OKX Australia, notes an increase in engagement from traditional financial institutions due to the clarity that the forthcoming regulations promise. The draft rules would require crypto exchanges to hold an Australian Financial Services Licence, the same licence that banks, brokers and insurers hold.
The Australian cryptocurrency market reached $49.9 billion USD in 2024 and is projected to reach $114.9 billion USD by 2033, exhibiting a growth rate of 9.7% during 2025-2033. This growth is spurred by regulatory clarity, growing institutional adoption, blockchain technology innovations, retail investor interest, and the increasing acceptance of digital assets for payments.
