Australia’s cryptocurrency industry is on the cusp of a significant surge in demand, according to Jonathan Miller, CEO of Kraken Australia. Miller believes the country is well-positioned to capitalize on a global “inflection point” for crypto adoption but stresses the importance of supportive regulations from lawmakers.

Miller spoke to Cointelegraph during the Formula One Grand Prix in Melbourne, highlighting several factors driving his bullish outlook. He pointed to the rising popularity of spot Bitcoin exchange-traded funds (ETFs) globally, increased adoption of stablecoins, and investment giants like BlackRock launching crypto-focused funds as evidence of a maturing market.

“We are now at a positive inflection point when it comes to demand,” Miller said. “It feels like we’re well and truly back in a positive place for crypto.”

While acknowledging the global momentum, Miller conceded that institutional investment in cryptocurrencies remains less prominent in Australia compared to the US, where fund managers are actively incorporating crypto into their portfolios. However, he views this as a potential stepping stone for future growth in Australia.

To fully embrace this potential, Miller emphasizes the need for clear and comprehensive cryptocurrency regulations. Supportive regulatory frameworks can foster innovation and attract more mainstream investment, propelling Australia’s crypto industry forward.

The Australian government has been exploring ways to regulate the crypto space, with discussions around licensing cryptocurrency exchanges and creating a regulatory framework for digital asset custody. It remains to be seen how these discussions will translate into concrete policies, but Miller’s comments highlight the potential benefits of a well-defined regulatory environment for Australia’s crypto future.