36% of Australians want more crypto regulations: IRCI report 36% of Australians want more crypto regulations: IRCI report

36% of Australians want more crypto regulations: IRCI report

The number of Australians holding cryptocurrencies dropped by 3.2% in the last 12 months, says the latest Australian IRCI report. However, a large number of those surveyed called for more crypto regulation and consumer protection.

36% of Australians want more crypto regulations: IRCI report

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

In its 4th issue, the Independent Reserve Cryptocurrency Index (IRCI) 2022 studied over 2,000 Australians to gauge their attitude towards digital assets. The study found out 92% of Australians knew about cryptocurrencies, with 25.6% of them having owned a digital coin

While the sample comprised only 2,000 people, the annual survey reflects the average Australian adult. Besides, the sample population reflects diversity in terms of gender, geographic distribution and age.ย 

Bitcoin was the most recognized cryptocurrency in the country, followed by Ethereum and Dogecoin. Only 8% of those surveyed claimed they had never heard about cryptocurrencies.

In fact, awareness of Ethereum and Solana soared by 6.2% and 4.8% respectively between 2021 and 2022. The report attributes Ethereumโ€™s growth to the recent migration from proof-of-work, while DeFi growth fueled Solana’s popularity.

The report also found out most Australians were committed to the long-term adoption of crypto, as long as the country would adopt better crypto regulations.

crypto ownership in Australia

Whatโ€™s more, 36.1% of Australians said they did not invest in cryptocurrencies due to lack of consumer protection and crypto regulations, up from 2021โ€™s 24.8%.ย  However, 32% said they were willing to invest if regulators put more effort towards protecting consumers.ย 

Age and Gender in Crypto Ownership

Meanwhile, an interesting data set was that of female crypto owners that saw a 1.4% increase whereas their male counterparts dropped by 10%. The increasing number of female crypto owners falls in the background of last yearโ€™s 100% increase of women in crypto.

According to the IRCI report, there were 21.4% female crypto owners in Australia. A figure that nearly closed the gap between men and women in digital currency ownership.ย 

In terms of age, crypto ownership grew up from 38% to 45.5% for respondents aged 35-44, and 25.3% to 27% for 45-54 year-olds.

The largest drop in cryptocurrency ownership was reflected across the youngest population aged 18-24, where ownership dropped from 55.7% to 30.7% in one year. Nevertheless, a section of the younger generation said they would love to invest in digital currencies were they in a financial position to do so.

Posted In: , Adoption