Following US President Donald Trump's announcement of a crypto strategic reserve, Australia is not taking similar steps, focusing instead on digital asset regulation.
Australia's Stance on Crypto Reserve
Despite US President Donald Trump's recent announcement of a crypto reserve including XRP, Solana, and Bitcoin, the Australian government has no plans to follow suit. A spokesperson for the Australian Assistant Treasurer and Financial Services Minister Stephen Jones stated that the focus is on creating a regulatory framework for digital assets.
Experts' Opinions on Crypto Reserve
Tom Matthews from the Australian crypto exchange Swyftx noted that while the idea of a reserve is popular, it is fraught with complexity, potential concentration risk, and price volatility. Jonathon Miller from Kraken emphasizes that cryptocurrencies have already established themselves as investment-grade assets, but are not currently considered for reserves.
Crypto Regulation in Australia
Australian regulators plan to place more focus on the cryptocurrency industry. AUSTRAC CEO Brendan Thomas noted a regulatory shift towards the crypto industry by 2025. The ASIC has released consultation papers on regulating cryptocurrencies as financial products. Additionally, Australia's growth in crypto ATMs indicates a strong public interest in cryptocurrencies.
Australia remains focused on crypto regulation amidst international trends in crypto reserves, highlighting ongoing efforts to support economic growth and innovation.
