Why Australia’s crypto job market is set to explode in future

Highlights

  • Australia is gripped in a crypto frenzy, making it easier for its residents to invest in virtual currencies.
  • According to a 2021 EY report, Australia is in a great position to profit from the booming crypto sector.
  • Digital assets and cryptos might create AU$68.4 billion by 2030 and employ 205,700 people, which is 17 times the current employment. Currently, around 11,600 Australians are employed in digital asset-related tasks.

As cryptocurrencies gain traction, people worldwide are becoming more willing to look at digital assets as an investment tool. With crypto frenzy reaching new highs, governments across the globe have been forced to sit up and take notice of the emerging situation.

Australia too, is witnessing a monumental increase in crypto interest. According to an EY analysis report, Australia's crypto business might grow to 30 times its current size by 2030. The crypto business might employ over a quarter of a million Australians by 2030.

This would further result in the creation of "highly specialised" digital employment in IT, professional services, health care, and finance. Digital assets and cryptos might employ 205,700 people, which is 17 times the current employment. Currently, around 11,600 Australians are employed in digital-asset related tasks.

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Having said that, let us look at various crypto initiatives that are likely to fuel a crypto job boom in Australia.

Government Initiatives

  • Australia has a reputation for being a relatively stable and welcoming jurisdiction for cryptocurrency and blockchain companies. This, in part, is due to Australia's overall attitude to the financial technological industry, with the Commonwealth Government of Australia encouraging wide growth and innovation.
  • The Australian blockchain and cryptocurrency ecosystem has a plethora of product offerings. The Australian government's stance on the matter has remained largely supportive of creative, new financial services and products based on cryptocurrency transactions.
  • The Treasury will begin a consultation process on a new exchange licensing framework for the Australian crypto sector early next year. It is presently uncontrolled and has US$2 trillion worth of assets around the world.
  • According to Steve Brown, a transactions and strategy partner at EY, the policies that result will be critical in helping Australia's crypto business reach its full potential.
  • Senator Andrew Bragg of the Liberal Party stated his advice might help Australia increase its crypto industry's economic footprint "30-fold" during the next decade.

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Last thoughts

Thanks to the Australian government's initiatives, cryptocurrency looks set to enjoy a bright future in Australia. This, in turn, would emerge as a boon for Aussie jobseekers as by 2030, crypto jobs are likely to explode in number.

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