An overwhelming majority of business leaders want policy makers to help the country become a global leader in cryptocurrency, Australia’s first crypto survey of corporates shows.
Four out of five (80%) CEOs, managing directors and other senior decision makers with financial responsibilities agreed that regulators should support the country to adopt blockchain and digital asset technology, according to a YouGov poll commissioned by Swyftx.
The survey reveals:
- 77% of those surveyed expect crypto to become a mainstream medium of exchange in the next five years
- 81% say the introduction of a proper regulatory regime will increase the likelihood of their business using crypto for payments.
- 80% say the introduction of a proper regulatory regime will increase the likelihood of their business holding crypto on its balance sheet/as an investment.
What is the benefit of crypto for businesses?
Business leaders cited the potential to access new marketplaces like NFTs and the metaverse as their primary interest in crypto (64%). This was followed by the ability to tokenise assets (63%). Four per cent said there would be no benefit to their business from digital assets.
Businesses ready to let customers pay using crypto
More than four in five (82%) financial decision makers surveyed also said they would be much more likely (44%) or a little more likely (38%) to use crypto for payments if it is regulated.
“An increasing number of business leaders understand the potentially disruptive impact of blockchain technology and Web 3.0 on their markets. They’re just not necessarily ready to take the regulatory risk they see at the moment,” said Swyftx head of corporate partnerships, Tommy Honan.
“We think a significant number of businesses are playing a waiting game now. They want greater regulatory certainty before they integrate cryptocurrency into their payment systems and investments.”
The YouGov survey was based on findings from a national survey of 259 CEOs, managing directors, business owners and other senior financial decision makers at business of all sizes between 21st October and 5th November last year.
In total, 37% of survey respondents represented businesses with turnover of AUD $100m or more, including 6% with a turnover of $1bn or over. Sectors represented in the survey included retail, banking, insurance, education, business services and accounting.
“We were quite surprised by just how bullish Australian financial leaders were on the adoption of crypto,” said Honan. “In total, 77% expect to see digital assets become a mainstream medium of exchange within five years.
“This is probably ahead of most international analyst expectations. But it does speak to the fact that Australia has among the highest levels of crypto adoption in the world.”
Australia’s largest ever crypto survey, undertaken by Swyftx last year, revealed that 25% of Australians either currently own (17%) or have owned (8%) cryptocurrency in the past.