Australia Could Unlock A$24 Billion in Digital Finance With Regulatory Reform
- Australia could earn A$24B yearly from digital finance with new rules.
- Without changes, it may gain only A$1B.
As per the report from the crypto exchange OKX, Australia could generate up to A$24 billion a year, but its current regulation may limit its growth to just A$1 billion by 2030. The study, supported by crypto exchange OKX and conducted by the Digital Finance Cooperative Research Centre, argues that reforms to the licensing rules and financial market infrastructure are essential for unlocking the country’s full digital finance potential.
Economic Opportunity
The report estimates that the advancements in tokenized assets, digital payments, and cross-border transactions could deliver economic gains equal to about 1% of Australia’s GDP. These gains would mainly come from the improved efficiency in the foreign exchange and reduced costs in the financial markets.
Kate Cooper, who is the OKX Australia CEO, says that the country needs modern rules that support new financial technology. Australia’s productivity growth has been slow in recent years, and the report argues that digital finance can help improve efficiency across the economy. If rules are not updated, innovation may remain limited to small pilot projects instead of large-scale adoption.
While some global exchanges are focusing on the U.S., OKX is located in Australia. The company believes strict regulations can actually create a competitive advantage. Australia has one of the world’s largest pension fund pools. Australia stands at a regulatory crossroads, and digital finance could contribute A$24 billion annually to the economy and improve national productivity.
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