On February 27, during the XRP Australia 2026 event in Sydney, several industry executives stated that Australia’s cryptocurrency market has made significant progress in user growth and regulatory communication, but bank restrictions and legal uncertainties still pose practical obstacles.
John O’Loghlen, Managing Director of the US’s largest compliant CEX in the Asia-Pacific region, pointed out that the Australian Treasury and the Australian Securities and Investments Commission (ASIC) have strengthened digital asset industry capabilities, leading to more professional regulatory discussions. At the same time, products like spot Bitcoin ETFs and Ethereum ETFs have provided institutional investors with clearer compliant pathways for participation.
Market data also shows increased penetration. The 2025 report from Independent Reserve states that 31% of Australians hold or use crypto assets, up from 28% in 2024, with another 29% of respondents planning to allocate related assets in the next year.
Kate Cooper, head of a CEX in Australia, said that self-managed super funds (SMSFs) trustees and high-net-worth investors are becoming the main drivers of growth. Many newly established SMSFs are focused on investing in digital assets to diversify their portfolios.
However, the issue of bank “de-risking” remains unresolved. Cooper admitted that crypto businesses still face restrictions in accessing banking services. O’Loghlen called for avoiding including non-custodial wallet developers and public blockchain infrastructure providers in licensing frameworks for intermediaries when advancing payment service regulatory reforms.
Additionally, the lawsuit between Block Earner and ASIC is still under appeal, and legal boundaries have not been fully clarified. With changes in the political cycle, the pace of related legislation may also vary. The Australian crypto industry is entering a more cautious development phase amid the ongoing struggle between user expansion and compliance.
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