Odaily News Kraken Australia CEO Jonathan Miller pointed out that as long as Australian lawmakers make the right decisions, Australia’s encryption industry can benefit from the “inflection point” in global encryption demand. Miller said that while institutional investor demand for cryptocurrencies is increasing in the United States, a similar situation has not yet occurred in Australia. However, judging from the interest from retail investors and cryptocurrency-related businesses, Australia’s cryptocurrency market is still developing rapidly. However, the main obstacles the industry faces locally are regulatory uncertainty and slow legislative progress. The Australian government should formulate reasonable laws to promote the development of the industry. In October 2023, the Australian Treasury issued a consultation paper recommending that cryptocurrency exchanges be forced to apply for a financial services license from the Australian Securities and Investments Commission (ASIC). On March 21 this year, ASIC Chairman Alan Kirkland said that ASIC will launch a new round of regulatory reforms in the next few months, focusing on solving the three regulatory problems - protecting consumers, market integrity and promoting financial innovation. Miller said good regulations need to take into account the international nature of cryptocurrencies and avoid excessive localization. (Cointelegraph)