FROM LONDON TO SYDNEY: IS AUSTRALIA THE NEW CRYPTO HUB?

It was only two years ago now that the UK government announced its plan to make the UK a ‘crypto hub’. What has happened since then has been a little underwhelming, as far as the government is concerned – many expected regulation for the sector to follow rapidly – but it became clear pretty early on that the government didn’t need to do anything. Ever since its inception in 2009, the world of cryptocurrency has been building on its own, with plenty of offshoot companies spawning over the last decade – many of which have found their way to London. With an influx of users following suit, the UK has organically become a quantified crypto hub, easily sitting alongside other hotspots like Los Angeles and Tokyo. Whether it’s the biggest crypto hub, however, is a debate for another day. Especially since a new kid has arrived on the block. Australia as a New Contender In many ways, we all should have seen this coming. According to a report in early 2023, nearly 20% of Australians own at least one cryptocurrency, with an astonishing 4.6 million Aussies invested in the market in some way. Some of the most popular coins includes Bitcoin, Ethereum, and even the memecoin, Dogecoin. This number has been bolstered by other companies, of course. One of the top performing industries in Australia, for example, is the iGaming industry, which is worth nearly $5 million and growing at a CAGR of around 2.10%. Over the last few years, platforms such as Bitcoin casinos have been introducing new users to the crypto space, with some buying crypto simply to experience this new, burgeoning trend. But buy crypto they have, and the amount of users – not just for crypto poker and casino-related games, but to be a part of the market as a whole – has only been snowballing. In late 2023, the Australian government proposed a regulatory framework for crypto projects, making sure to safeguard users and stake the country’s claim as a new crypto hotspot. In April 2024, it was announced that Bitcoin ETFs are also coming to the country, with issuers launching with the country’s largest stock exchange to ‘bolster crypto hub ambitions’. If one thing is clear, it’s that Australia is on a quest for crypto superiority. And it’s very close to achieving its goal. Australia or the UK? As ever in the crypto-verse, however, this is not about one city or the other. In our opinion, the concept of a ‘crypto hub’ is going to be obsolete ten years from now – especially if crypto continues to be successful. Yes, cities like Sydney, London, and Los Angeles can be described as crypto hotspots from a business perspective, but every business eyes big cities like these to serve as a base. The real thing that matters is where the users are. And as of 2024, the users are everywhere. Across Australia, the US, the UK, and Asia, the number of people investing in Bitcoin and other cryptocurrencies has been growing exponentially, demonstrating just how popular the market is and how much hunger there is for financial change. Even outside of the financial sector, crypto offers a radical change for many industries. As mentioned before, the gaming industry has been getting involved, and as blockchain similarly grows in the public consciousness, it’s likely that involvement will show itself in more ways than one. Australia has indeed been a growing crypto hub, but the same can be said for every corner of the world. What’s left to do is sit back and see how far things can go. As has been made evident over the last fifteen years, there really is no ceiling when it comes to the cryptocurrency industry.