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Crypto adoption in Australia has lost momentum in 2025, even as the Albanese government pushes ahead with major digital-asset reforms. The fifth annual Australian Crypto Survey by Swyftx paints a mixed picture. Ownership among adults has flatlined, and public confidence in cryptocurrencies has eroded further.
Nearly 60% of Australians now say they don’t trust crypto - up from 57% last year. For those who have never owned any digital assets, the main deterrent is the sense that the rules still aren’t clear. The country’s historically “light-touch” approach to oversight has left many unsure about how secure the market really is.
Swyftx chief executive Jason Titman said that investors are growing tired of promises without timelines. “The promise of crypto regulation at some undefined point in the future is not as important as the actual delivery of those rules,” he said.
Progress on a full framework has moved slowly. Many older Australians continue to view crypto as risky and unconventional, while younger investors dominate the market. Titman noted that the industry is still seen by many as “iconoclastic” - an image that discourages those with lower risk tolerance.
Despite overall uptake languishing, individuals under the age of 35 are still producing substantial returns. The survey revealed that around 82% of Gen Z traders made money over the last year, averaging about $9,958 each. Their actions have spurred the market when other traders were getting out.
The Independent Reserve Cryptocurrency Index (IRCI) 2025 shows that almost one in three Australians has owned or currently owns crypto, primarily consisting of younger age cohorts. Bitcoin continues to be the most popular asset, acting as a first entry point for many retail traders.
However, the figures reveal a consistent pattern of reticence. Broader economic issues, tighter financial conditions, and lingering uncertainties from the banks created hurdles to new participation. Many prospective investors reported they were waiting for the government to enact its reforms into law before getting involved.
In March 2025, Treasurer Jim Chalmers outlined a four-pillar digital-asset reform plan aimed at tightening oversight and building trust. The framework covers licensing for exchanges, clearer rules for stablecoins, tax guidance, and expansion of the national regulatory sandbox.
The government also pledged to work with major banks to address “debanking,” which has cut off many crypto businesses from key financial services. Later that month, a draft bill was tabled to bring exchanges and custodians under the financial-services regime, requiring firms to obtain licenses, keep client assets separate, and provide stronger disclosures.
Home Affairs Minister Tony Burke has since proposed giving AUSTRAC new powers to limit high-risk products such as crypto ATMs amid concerns about scams and money laundering. For now, investors remain patient. “Once the ink is dry on crypto laws, the narrative will shift,” Titman said. “The data is very clear - millions more Australians will invest in crypto when the asset class is regulated.”
Australia’s crypto adoption remains stalled as public trust dips and regulation delays persist. Younger investors drive activity, but most await firm laws before investing. Clear rules could restore confidence and unlock broader participation in the country’s growing digital asset market.
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