Four in five business leaders in Australia are more likely to let their customers pay with cryptocurrency if digital assets were regulated, reveals a survey which was conducted by YouGov. The study found that 77% of the survey participants want crypto to be part of the mainstream financial sector in five years.
The findings follow Senator Andrew Bragg’s update that the Australian government has recorded strong industry consensus on tough regulatory measures it plans to roll out by the end of 2022. Sources highlighted that the government’s collaborative process had enabled an array of voices to be heard for developing the regulatory framework.
The survey, which was commissioned by Swyftx – an Australian cryptocurrency exchange, results shows that regulator clarity has the potential to accelerate business adoption of cryptocurrencies for customer transactions. It highlighted that 80% of senior financial decision-makers want businesses to support the country in becoming a global leader in digital assets and blockchain technologies.
A spokesperson for Swyftx outlined that the government’s position shows it is handling the costs and benefits to growth in designing regulation. The crypto exchange highlighted that its position in Australia needs and would benefit from a robust cryptocurrency regulatory regime. However, it highlighted that the Australian government should foster innovation and not stifle it.
Tommy Honan, the head of corporate partnerships at Swyftx, said the company was surprised about how bullish the Australian financial leaders were about the adoption of digital assets. He pointed out that it spoke to the country’s high adoption rate – with 25% of Australians taking to cryptocurrency.
Honan pointed out that an increasing number of business leaders have a fair understanding of the disruptive impact of blockchain technology and Web3.0 on their markets. But they are not necessarily ready to take the regulatory risk they see at the moment.