"Australia sees growing digital-asset investors…but cooperation with banks remains a 'challenge'"

Australia’s digital-asset market is making progress as user numbers rise and the regulatory framework is refined, but structural challenges—including greater openness from the banking sector—remain, industry voices said.

According to digital-asset outlet Cointelegraph on the 27th (Korea time), John O’Loghlen, Coinbase’s Asia-Pacific (APAC) head, attended “XRP Australia 2026” in Sydney and said that relevant agencies, including the Treasury and the Australian Securities and Investments Commission (ASIC), are “building deeper expertise in the digital-asset domain,” adding that this is “positive for the rulemaking process.”

Access to digital assets in the Australian market has in fact been expanding rapidly. Australia launched a spot Bitcoin (BTC) exchange-traded fund (ETF) in June last year, followed by a spot Ether (ETH) ETF in October, broadening access for institutional investors.

Retail participation is also on the rise. Data from Independent Reserve showed that Australians’ digital-asset holdings and investment rose to 31%, up slightly from 28% a year earlier. Some 29% of respondents said they plan to invest more over the next 12 months.

However, “debanking” issues—such as restrictions on opening and maintaining bank accounts in Australia—remain an outstanding challenge. Kate Cooper, CEO of OKX Australia, said, “Debanking remains an industry challenge, and it’s difficult to say there has been clear improvement,” adding that the company is “working with the government to help establish relevant standards.”

O’Loghlen also stressed that “the regulatory framework should be designed to support innovation rather than inadvertently constrain it.”