The chief executive of BTC Markets, Australia’s largest crypto exchange, is betting on the UK to lead the way on regulation of the digital assets sector.
“Sitting in Australia, I’m really looking forward to what comes out of the UK. They have a modern financial system. What we hear coming out of the UK government is really positive for the crypto community,” Caroline Bowler told Financial News.
Bowler, who pivoted to digital assets after a career in prime brokerage, most recently at Bank of America Merrill Lynch, took the helm at BTC Markets in 2020, joining a niche of female bosses in the crypto sector.
Since its founding in 2013, the firm has seen more than 325,000 traders transact some $23bn on its platform.
Crypto ownership in Australia increased from 16.8% of the country’s population in 2019 to 28.8% in 2021. However, lack of regulatory clarity and the shutdown of FTX reduced ownership to 25.6% in 2022, according to data provider Statista.
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Bowler said crypto businesses in Australia needed regulatory surety, a key focus of her efforts since joining the crypto exchange. Noting that regions such as Europe and Asia have taken a lead in crypto regulations, she said the UK’s progress on the digital asset regulatory framework will affect Australia.
“I think the UK’s crypto regulations will certainly inspire other regions. Historically, Australia has taken a direction from the UK in a number of areas,” she said, adding that global regulators “do understand by now that crypto is a technology that is not going anywhere”.
The crypto boss added that expanding in London is also on the cards.
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“Finding regulated regions for expansion to compete is important for us. It would be foolish not to think about the UK and Europe,” she said. “London is a global city with high energy and community infrastructure to help the growth of the crypto ecosystem. It has the advantage of taking cues from talent coming in from different parts of the world. There are very few cities that can compete with London.”
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