Cryptocurrencies saw a meteoric rise in 2021, drawing the attention of governments, financial organizations, as well as individual speculators. Although these fields have made significant strides in recent years, a native Crypto expert will tell you that the greatest is likely to come.  We predict that 2022 could be a banner year for Cryptos throughout the world, including Australia. This is due to a number of factors, including the establishment of favorable regulatory frameworks as well as the increased participation of speculators.

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Following are the 3 Cryptocurrency Trends in Australia you must watch out in 2022:

        1. Cryptocurrency will be Regulated by 2022-23

Although comprehensive regulation requires time to build, We predict the fundamentals of a formalized regulatory regime for the business in Australia will be in place by the end of 2022, given the continued surge in popularity of Cryptocurrencies. In 2021 , we witnessed a rising determination to govern the local Cryptocurrency market, as seen by the recommendations from the senate committee investigation. Whether these suggestions are implemented, Australia would join other Cryptocurrency hubs like New York as well as Singapore. In addition, the legal framework should make the various kinds of digital assets more easily understood by the general public, which should improve tax transparency for retail investors.

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        2. Increased in Institutional Adoption

Although large financial institutions have avoided Crypto investments up until now due to the significant risk and volatility involved, they are now jumping on the wagon due to the huge profitability. Changes in institutional investors' habits become noticeable in 2021. They decided to aggressively seek out possibilities to do business in the Cryptocurrency sector. Technology firms, along with other private investment firms, have pioneered this investment. By 2022, this pattern is anticipated to have picked up speed. In any case, there is really no justification to anticipate that demand for Cryptocurrencies will ever be met. Both blockchain technology as well as Crypto are in its infancy. Because of this, it's safe to assume that challenges will arise. Fortunately, though, this is a developing pattern, so individuals will inevitably figure out solutions to the problems they encounter. There is a chance that institutional acceptance could become the hottest topic in the Cryptocurrency business, much the way the Metaverse and NFTs have.

        3. Cryptocurrency Market Would Reduce Environmental Effect

Among the main issues the Cryptocurrency sector has encountered in recent years is societal concerns about the harmful environmental consequences of Crypto mining. There's a growing sense of immediacy for the Cryptocurrency industry to address its own carbon footprint as the rest of the world works toward a more sustainable future. Decarbonizing Crypto mining would boost shareholder self belief and entice large financial institutions to buy virtual currencies which are consistent with the green policies of those institutions. Most of the big Cryptocurrency projects have already shifted into proof-of-stake methods, which need far less energy and indicate that Cryptocurrency miners will increasingly resort to renewable energy sources. More money will be funneled towards 'green' initiatives that produce no greenhouse gasses, with a special emphasis on using blockchain technology to solve environmental problems.

Rising Popularity of NFTs in Australia

Many people are familiar with Bitcoin and other Cryptocurrencies, but are unaware of the rise of NFTs. Such novel forms of virtual resources have gained widespread adoption in recent times and therefore will remain in widespread usage for the transfer of virtual resources. NFTs provide players the same opportunities to buy, sell, and barter with virtual goods that they would with real ones. In this context, coins may stand in for everything from clothing and vehicles to currency and precious metals. They allow games to connect with the actual life in novel ways and allow gamers to experience games in a manner similar to the original. Undoubtedly, the craze has spread to Australia as well. With over a million Australians now profiting from possessing NFTs, it's easy to understand why their popularity has exploded.

Major Facts About Growth of Cryptocurrencies in Australia

Let's examine a few key indicators that will allow us to track the evolution of Australia's Cryptocurrency business.

• From 2009, when the inaugural Crypto exchange was established in only three days, the value of Cryptocurrencies has risen steadily.
• Bitcoin's market worth has surpassed $70 billion, thanks to a meteoric rise in trading activity in the first half of 2017.
• Among the most actively traded currencies in Australia are top Cryptocurrencies like Bitcoin, Litecoin, Ethereum, Dash, and so forth.
• It's true that Australia has the third-highest rate of Crypto adoption globally.
• It boasts the highest number of Bitcoin-related Google searches and was the first nation outside the US to implement Bitcoin ATMs.
• Shortly, Cryptocurrency ATMs might be found in all of America's banks, cafes, and stock exchanges.

The Bottomline

Broadly speaking, Australia is an industry wherein Cryptocurrencies do well. That's because the government has chosen to begin regulating Cryptocurrency exchanges and other businesses, this is beginning to alter. Several Australian marketplaces have closed as a result of the new rules. Australia's openness to new technologies and enthusiasm for digital assets, however, will pave the way for the development of the Cryptocurrency industry in the years to come.

Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.