A Crypto Boom Is Expected in Australia by 2030, EY Report

According to a joint report by Ernst & Young and Mawson, the Australian crypto market will expand 30 times over the next 8 years. Today the industry contributes to a country’s economy of around AU$2.1 billion and provides jobs to almost 11,600 citizens. But thanks to the good reforms and consistent growth, these numbers will increase to AU$68.4 billion and over 200,000, respectively.

“Our report shows what positive effect the cryptocurrency adoption will have on Australia’s economy,” said Mawson’s CEO, James Manning. The expected growth is explained by the favorable policy environment and ability to attract domestic and international investment to supplement the current rate of crypto acceptance.

Industries, where colossal growth is forecasted, are financial services, asset and data management, insurance for digital currencies, custody. But some analysts say about more conservative numbers.
“I guess these forecasts are based on our experience and traditional models,” said Trent Barnes, principal of ZeroCap. “We live in an unprecedented time; that’s why it is difficult to take into account this innovative explosion and apply the most accurate numbers to it. In the 2030 year, I think we will understand that those numbers were underestimated.”

Recently Treasurer Josh Frydenberg laid out a road map for the crypto and fintech industries of Australia. According to it, the Treasury can require crypto exchanges within the country to hold digital assets onshore. In addition, the body is planning to introduce licensing for exchanges.
“One of the cryptocurrency advantages is that it exists beyond state borders. It can be accessed from anywhere,” Barnes said.

Digital asset investment in Australia is already showing robust growth. According to the Australian Tax Administration (ATO), about 600,000 out of 25 million people are already investing in cryptocurrency. However, according to a report by the local exchange Independent Reserve, 28.8% of Australians have either previously bought or are planning to buy crypto in the future. This is higher than in 2020, when only 18.4% of citizens have dealt with digital assets.