Australia Poised for Cryptocurrency Adoption as OKX Expands

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According to OKX, a cryptocurrency exchange with headquarters in Seychelles, Australia is well-positioned to lead the next wave of cryptocurrency adoption. The company has a temporary license in Dubai, is committed to the neighborhood, and wants to establish a reliable local presence. The decision to grow “Down Under,” according to Haider Rafique, chief marketing officer of OKX, was motivated by Australians’ “great thirst” for more cryptocurrency investing and trading options. One million Australians, or 4% of the population, are anticipated to start using cryptocurrencies in Australia during the next 12 months. OKX is currently applying for a Virtual Asset Service Provider (VASP) license in Hong Kong but has yet to register with AUSTRAC, the regulatory body needed to offer bitcoin services in Australia. The expansion plan was disclosed simultaneously as OKX recently declared it would stop serving Canadians in June.

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Sean Lee, co-founder of Odsy Network, said, “fair treatment of the cryptocurrency business in the US is possible but will require a lot of work to put into practice” on March 29 at the World of Web3 (WOW) Summit in Hong Kong. This follows a significant crypto crackdown by American banking officials. Regulators and lawmakers that oppose cryptocurrency now have plenty of justification to crack down on the young crypto industry following the FTX fiasco in November. Lee further emphasized that FTX is only a centralized trading platform and is not a cryptocurrency. The Crypto Council for Innovation is working to inform lawmakers and help them create more progressive laws to better comprehend the environment. According to CEO Sheila Warren, the Commodity Futures Trading Commission (CFTC)’s designation of some cryptocurrencies as commodities is a deadly shot across the Securities and Exchange Commission (SEC)’s bow. Gary Gensler, the chair of the SEC, has asked for more funding to combat the “Wild West” of the crypto markets, indicating that Uncle Sam’s war on cryptocurrency will soon come to an end.

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