We’re already seeing a growing number of businesses integrating blockchain technology into their operations in the finance, industrial, health, event ticketing, and travel industries — to name a few — and this trend will continue with more sectors getting on board.
At the same time, more and more individuals and companies will get involved in crypto investment, whether in the form of buying cryptocurrencies like Bitcoin or Ethereum directly or through the purchase of cryptocurrency investment funds.
This growth is welcome news for the crypto industry and will positively impact the Australian economy and create many new jobs. In the coming year, we are likely to observe some big changes, and here is a list of trends that can help you stay on top of the world of crypto.
Cryptocurrency Trends to Watch Out for in Australia
1. Expect Cryptocurrency to Get a Robust Regulation by 2022-23
The Australian government has made it clear it won’t shy away from imposing regulations on cryptocurrencies.
The government of Australia is, in fact, very interested in the technology and is working towards ensuring cryptocurrency exchanges are making their users compliant with the Australian Securities and Investment Commission (ASIC) under the Corporations Act and the Australian Securities and Investment Commission Act 2001 (ASIC Act).
The government is also interested in developing a framework to operate cryptocurrency funds securely. It is also working towards creating a tax regime that will protect investors while discouraging money laundering.
In addition to this, the government is also working towards establishing new securities regulations that will give market participants confidence that the cryptocurrency exchange platforms on which they trade are operating responsibly.
2. Major Institutions will Adopt Cryptocurrency to Leverage More Business Opportunities
Cryptocurrency is already playing a key role in the business operations of many Australian large companies and financial institutions. In fact, Australia is the third largest country to adopt cryptocurrency, with nearly 23 per cent of Australians owning cryptocurrency by December 2021.
3. NFT Will Continue to Boom in Popularity and Help Flourish the World of Digital Art and Gaming
Non-fungible tokens are proving to be very popular in the crypto world. NFTs are one of the hottest trends in the crypto space. Why? Because they give digital artwork all the benefits of blockchain technology.
You’ve probably heard of CryptoKitties, a game where players collect and trade digital cats using Ethereum. The game is a good example of innovative use cases of NFT technology, which will likely boom in popularity in the coming year. Look for more innovative use cases for NFTs in the coming years at a pace faster than the adoption of cryptocurrencies.
The Bottom Line: The Future of Cryptocurrency
It’s hard to pick the biggest trends in cryptocurrency, as they are all equally important. It’s clear that blockchain technology will continue to be a key disruptive force in the coming year as more organisations and individuals see the benefits of adopting cryptocurrency and blockchain technology as part of their business operations.
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