By 2030, the Australian Crypto Sector will be Worth $68.4 Billion, Surpassing the Tourism and Energy Industries

Crypto Sector to Surpass the Tourism Industry 

According to a new analysis issued on Tuesday by EY, Australia's cryptocurrency business is on course to contribute $68.4 billion to the GDP by 2030, a healthy 2.6 % share, and 206,000 new employment.

The researchers at EY believe that it would overtake Australia's tourism, agricultural, and energy sectors by 2030. According to EY's study, the industry has already generated 11,600 employment to the economy, with that figure predicted to climb to 37,800 by 2025 and 205,700 by the decade's conclusion.

This step-change growth forecast tripled the industry's contribution to the Australian economy, from $2.1 billion in 2021 to an expected $7.6 billion every year. The sector's potential is evident, but the industry is trapped at a "crossroads" waiting for appropriate legislation. According to James Manning, founder and CEO of Mawson Infrastructure Group, the company behind Australia's most significant Bitcoin mine.

"As an industry, we urgently want a fit-for-purpose policy and regulatory framework to give customers and the crypto business more security and clarity," Manning added.

"In particular, the Bragg Report proposals reflect an important coming together of business, regulators, and government," he stated.

"If followed, the Bragg suggestions will revolutionize the Australian crypto industry and enhance consumer protection, resulting in more innovation, confidence, and growth." Treasurer Josh Frydenberg said only last week that the government would take action on the Bragg report's recommendations.

Initiation of a Consultation Process 

The Treasury will begin a consultation process early next year on a new exchange licensing framework for the Australian crypto industry, which is presently unregulated and controls billions of dollars of the $US2 trillion in worldwide assets.

The Treasury would also implement a new custody regulatory scheme for the exchanges, according to Frydenberg, to increase transparency in the way assets are handled and safeguarded in Australia.

According to Steve Brown, strategy and transactions partner at EY, the rules that arise will be critical in ensuring that Australia's crypto business achieves its full potential.