Lucas Dobbins

Australia risks becoming a user of offshore digital finance infrastructure rather than a builder of its own unless local operators move quickly to develop regulated, institutional-grade market systems, BTC Markets CEO Lucas Dobbins has cautioned.

Speaking at the recent DECA Conference in Sydney, which brought together digital asset industry leaders, policymakers, regulators, investors, infrastructure providers and technology builders, Dobbins said Australia now has the regulatory signals and technical blueprint needed to modernise its financial market infrastructure.

The question, he said, is whether that infrastructure is built under Australian law, supervised by Australian regulators and operated by Australian market participants – or imported later from offshore.

“Australia has modelled what next-generation market infrastructure could look like,” Dobbins said. “Regulators have made clear that innovation sits within their remit. The question now is who builds it, where it is built, and under whose rules it operates.”

Project Acacia moves the debate from theory to execution

BTC Markets said the Reserve Bank of Australia and Digital Finance Cooperative Research Centre’s Project Acacia has materially shifted the debate on digital finance infrastructure.

The project tested wholesale digital asset use cases, including tokenised assets, stablecoins and a pilot central bank digital currency, showing how these systems could operate together in a regulated environment.

Dobbins said Project Acacia reinforced that the challenge for Australia is no longer whether the technology works, but whether the market can coordinate quickly enough to build institutional-grade infrastructure locally.

“Project Acacia has shown that tokenised assets, digital money and regulated market infrastructure can work together,” he said. “That moves the conversation from proof of concept to implementation.”

“This is not a technology question anymore. It is an execution question.”

Sovereign capability is now a financial infrastructure issue 

BTC Markets said sovereign digital finance infrastructure is critical to Australia’s long-term competitiveness, market resilience and regulatory oversight.

Without locally built infrastructure, Australia risks relying on offshore platforms for the next generation of market activity, raising questions about oversight, resilience, investor protection and the long-term development of Australia’s financial services sector.

Building this capability domestically would help Australia:

• maintain regulatory oversight of critical market systems
• support local market participants and institutional adoption
• attract global capital into Australian-regulated platforms
• and strengthen financial system resilience and competitiveness.

The company said recent global developments show why jurisdictional control over critical infrastructure matters. Access to advanced technologies, payments systems and financial networks is increasingly shaped by national policy settings, geopolitical priorities and regulatory permissions.

Operators needed to move from blueprint to reality

Dobbins said Australia already has many of the foundations in place, including a sophisticated financial sector, strong regulators and a clear opportunity to build digital asset infrastructure within the regulatory perimeter.

“Other markets are moving from pilots to implementation,” he said. “Capital, talent and liquidity will follow the jurisdictions where trusted infrastructure is live.”

BTC Markets has operated digital asset infrastructure in Australia for more than a decade and has notified ASIC of its intention to apply for an Australian Market Licence.

Dobbins said the next phase of Australia’s digital asset market will not be defined by speculation, but by regulated infrastructure, institutional participation and market-grade accountability.

“This is not about any single institution,” he said. “It is about whether Australia builds the rails for the next phase of financial markets here or waits to connect to someone else’s system later.”

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Paul Stonham

The RBA and DFCRC released the findings of Project Acacia yesterday, and for anyone working in or around Australia’s wholesale financial markets, it warrants a close read.

The headline finding is this: tokenisation works. Across 20 real-world use cases, spanning multiple asset classes and the full asset lifecycle. From issuance through to settlement, the project demonstrated that tokenised assets, settled using wholesale CBDC, tokenised commercial bank deposits or stablecoins, can materially improve how wholesale market’s function. Faster settlement, reduced counterparty risk, better capital efficiency, automated asset servicing. These benefits were tested and observed, not modelled in a spreadsheet.

That matters. There has been no shortage of enthusiasm about tokenisation over the past several years. What has been in shorter supply is rigorous, regulator-backed validation. Project Acacia provides that.

The technology question has been answered, the coordination question hasn’t

What strikes me most in today’s release is the RBA’s candour about where the real challenges now sit. The report explicitly identifies “challenges to scaling” and the need for deeper regulatory and industry coordination. That’s an honest assessment, and an important one.

In my experience, this is exactly the pattern you see when financial market infrastructure matures. The capability gets proven. Then the hard work begins; getting regulators aligned, getting industry to agree on common frameworks, and making sure the underlying plumbing, in this case the RBA’s own settlement infrastructure, is fit for purpose.

The 11-point action plan released alongside the findings addresses all three. A regulatory sandbox for digital financial market infrastructure. A standing industry-regulator advisory group. Consultation on ESA access and RITS upgrades. Continued wholesale CBDC research. These aren’t vague intentions, they’re structured workstreams with named participants and clear scope.

Why market structure now becomes the central question

The RBA’s focus on wholesale markets and settlement infrastructure brings something important to the fore. When settlement becomes programmable and near instantaneous, the traditional boundaries between issuance, trading and settlement start to blur. That creates genuine opportunities for liquidity, price discovery and capital management. It also raises questions about how you maintain cohesive, well-functioning markets as the infrastructure shifts.

These are questions the industry needs to engage with seriously over the coming months, and I’ll be looking at them more closely as I work through the full report.

The number worth keeping in mind

The DFCRC estimates digital finance innovation could deliver $24 billion in annual economic gains for Australia. That number only becomes real if the regulatory and market structure work keeps pace with the capability that Project Acacia has now demonstrated.

Australia achieved genuine world firsts today, including the issuance of pilot wholesale CBDC onto both public and private distributed ledger infrastructure. The question now is whether the momentum from that achievement translates into real-world adoption.

I’ll be going deeper into the findings over the coming days. But the initial read is clear: the technology case has been made. The work ahead is about coordination, structure and infrastructure. That’s harder, but it’s also more tractable than it was twelve months ago.

By Paul Stonham, Chief Commercial Officer

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Lucas Dobbins

The passage of the Corporations Amendment (Digital Assets Framework) Bill 2025 is a significant moment, not just for Australia’s digital asset industry, but for the broader project of building a financial system fit for the decade ahead.

This has been a long time coming. Years of submissions, working groups, and sustained engagement with government and regulators have brought us here. I want to take a moment to recognise Caroline Bowler, BTC Markets’ former CEO and now Non-Executive Director. Her sustained work with Treasury, regulators, and industry participants over many years played a meaningful role in getting this bill over the line. Today is, in part, a reflection of that commitment.

For the first time, digital asset platforms operate within a dedicated legislative framework with clear expectations around licensing, consumer protection, and platform standards. That clarity matters, for businesses like BTC Markets, and for the institutional and retail investors who have been watching Australia’s regulatory posture closely.

But this is stage one cleared, not the finish line. What gets built on this foundation depends on how the regime is implemented in practice: the licensing pathways ASIC establishes, the transitional arrangements for existing platforms, and the pragmatism applied to real-world business models.

The timing is also worth noting. A week after the RBA’s Project Acacia findings pointed clearly toward a tokenised financial system, this bill provides the structural underpinning that makes that future achievable. Regulation and innovation are moving in alignment and that alignment is what unlocks institutional confidence at scale.

BTC Markets has been building toward this. Our markets licence application and ongoing engagement with ASIC and Treasury are deliberate investments in being a regulated, trusted participant in this market. The industry has earned its seat at the table. We intend to use it.

Australia has done this before, superannuation, the New Payments Platform, polymer banknotes. This framework can be the next chapter. The legislation has passed. The work now begins.

By Lucas Dobbins, CEO

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Paul Stonham

BTC Markets, Australia’s digital asset and cryptocurrency exchange, welcomed the findings of the Reserve Bank of Australia’s Project Acacia and the RBA’s commitment to accelerating responsible innovation in Australia’s wholesale financial markets.

Paul Stonham, Chief Commercial Officer at BTC Markets and member of the Project Acacia Advisory Group, said the findings mark a defining moment for Australia’s digital asset industry.”Project Acacia represents a turning point. The RBA’s decision to move from exploratory pilots to a longer-term, stage-gated sandbox environment signals genuine institutional commitment to making tokenised finance work in Australia, not just studying it.

“For regulated digital asset businesses, the most significant development is the coordination now underway between the RBA, ASIC, and AUSTRAC to resolve the legal and regulatory ambiguity that has constrained institutional participation in this space. Greater clarity around tokenised asset classifications, settlement finality, and licensing frameworks will unlock the investment needed to move these markets forward.

“Australia needs regulated digital asset marketplaces for these products and initiatives to be brought to market properly. For tokenised assets to be accessible, trusted, and tradeable at scale, they need to be listed on fair, orderly and transparent central limit order books operated by regulated exchanges. That is the standard investors, issuers and regulators should expect, and it is the standard BTC Markets has already built to deliver, and we are working hard with ASIC on our Markets License application.

“We welcome the establishment of the Regulator-Industry Tokenisation Advisory Group and the proposed C-suite Roundtable on the Future of Digital Finance in Australia. BTC Markets intends to contribute actively to both forums. Regulated exchanges sit at the intersection of traditional finance and digital assets, that perspective is directly relevant to the questions these groups will be working through.

“BTC Markets has operated under Australian regulatory oversight for over a decade. We have consistently advocated for a framework that enables innovation without compromising consumer protection or financial system integrity. The direction set out in Project Acacia aligns with that position, and we stand ready to play our part in what the RBA rightly calls a Team Australia effort.”

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Lucas Dobbins

Crypto was the proof of concept. Tokenisation is the use case.

Over the past decade, blockchain technology has demonstrated something remarkable. Digital assets can be transferred securely, transparently, and instantly, without intermediaries. Bitcoin and Ethereum proved the underlying technology works at scale.Now the world’s most conservative financial institutions are applying that same technology to traditional assets. BlackRock has launched BUIDL[1], a tokenised treasury fund that has grown to US$1.7 billion in 2 years. J.P. Morgan processes over US$2 billion daily through its tokenised platform[2]. Seven central banks and 43 financial institutions are prototyping tokenised payments through the Bank of International Settlements (BIS) Project Agora[3]. The New York Stock Exchange has announced plans for 24/7 trading of tokenised securities with instant settlement[4].

This isn’t speculative. It’s infrastructure.

The evolution of ownership

To understand tokenisation, it helps to think about how ownership has changed over time.Owning shares used to mean holding a physical certificate. Ownership was tangible. But it was also slow and cumbersome to transfer.Dematerialisation changed that. Electronic records made trading faster, but something was lost. Your assets now sit in chains of custody, held by intermediaries, recorded in systems you can’t see or verify. You don’t hold anything directly anymore. You trust that the records are accurate.

Tokenisation is the next step: digital ownership that’s both fast and direct. A tokenised asset behaves like a digital stock certificate. You can own it, store it and transfer it, but with the transparency of a blockchain and the speed of the internet. No intermediary reconciliation.  No waiting.

What this means for you

Right now, the infrastructure behind your investments is slow, expensive, and opaque. Settling a trade takes days. Moving assets across borders can take weeks of paperwork and cost up to 5% in fees. And through all of it, you have limited visibility into where your assets sit.

Tokenisation changes the plumbing underneath. Settlement becomes instant. Cross-border transfers take minutes, not months. Costs drop as intermediaries are removed. Markets that close at 4pm can operate around the clock. And you get a clear, verifiable record of what you own. But here’s the thing as an investor, you won’t need to understand any of it. The technology will be invisible. What you’ll see are the outcomes: faster, cheaper, and more accessible.

Australia’s opportunity

Australia is well-positioned to embrace this transition.

We have strong regulatory frameworks that are respected globally, a deep superannuation sector actively seeking new asset classes, and a financial services industry with the capability to move quickly when the direction is clear. We’re not starting from scratch; we’re building on a system that works.

Plus, we have a structural advantage: we’re big enough to matter, but small enough to move fast. While larger jurisdictions navigate complex regulatory environments across multiple agencies and states, Australia can move with relative agility.

The question isn’t whether tokenisation will transform financial infrastructure, the world’s largest institutions have already answered that. The question is whether Australia builds that infrastructure locally.

What we’re building

At BTC Markets, we’ve spent 13 years building Australia’s digital asset exchange. We’ve operated through every market cycle, served hundreds of thousands of customers, and built institutional-grade technology from the ground up.

Now we’re building the next chapter.

We have notified ASIC of our intention to apply for a markets licence to offer regulated spot cryptocurrencies and tokenised assets. This will be a significant process, and we’re committed to working with regulators and following their process to develop the right framework, not around them, but with them.

Our plan is to obtain licensing infrastructure that enables particular types of tokenised assets to be offered and available to the public. We see a world where tokenised equities, bonds, and real-world assets will trade alongside cryptocurrencies. Markets will operate continuously. Settlement will be instant.

The licence isn’t the goal. It’s the foundation that makes everything else possible: a venue where cryptocurrencies and tokenised real-world assets can trade with the same investor protections Australians expect, but with 24/7 access, faster settlement, and broader participation.

The road ahead

Every major technological shift follows a pattern. First, the technology is proven. Then institutions adopt it. Then it becomes invisible. That’s how innovation works.

We’re in the second stage now. The proof of concept is complete. The institutions are building. The infrastructure is being laid.

Australia has the regulatory foundations, the financial sophistication, and the opportunity to lead. The infrastructure just needs to be built.

That’s what we’re building. 

If you’re working in the financial services industry and thinking seriously about what this means for your business, I’d welcome the conversation.

By Lucas Dobbins, CEO, BTC Markets

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Rachael Lucas

“Bitcoin breaching US$120,000 is more than a milestone, it is a marker of how deeply embedded digital assets have become in institutional portfolios,” says Rachael Lucas, BTC Markets Crypto Analyst.

“Daily inflows into spot Bitcoin ETFs topped US$1 billion, and total ETF-managed Bitcoin now represents over 6% of the entire market cap. That’s not speculative froth, it’s structural demand.”

Ms Lucas adds, “We could see short-term profit-taking at this level, which is natural after such a strong move. The key levels to watch are resistance around US$125,000 to US$128,000 and support near US$112,000.

“But the bigger picture remains unchanged, with ETF inflows, corporate adoption, and a weakening macro backdrop. This cycle still has legs,” she says.

“Locally, BTC/AUD is trading near A$179,000 on BTC Markets with strong volume, reflecting sustained interest from Australian investors.

“While institutional capital is leading globally, domestic activity shows retail investors are still engaged and watching for the next breakout.”

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Caroline Bowler

Australia’s premier home-grown cryptocurrency exchange, BTC Markets, has released its third Investor Study Report, revealing a dramatic increase in average initial deposits from sophisticated investors.

The report provides a comprehensive analysis of investment behaviours on the BTC Markets exchange from FY21 to FY24, segmented by demographics of its 362,000 clients, and includes insights from a survey of 1,290 Australian adults conducted by market researcher Protocol Theory.

The study revealed a substantial disparity in initial deposit inflows on the BTC Markets platform over the past year. Non-retail investors have seen their initial deposits grow by an impressive 189%, while retail investors experienced a decline of 15%. Additionally, Self-Managed Super Funds (SMSFs) and trusts also saw increases, with deposit growth rates of 50% and 12%, respectively.

BTC Markets CEO Caroline Bowler highlights a notable shift in the crypto space, emphasising the increasing role of established investors in shaping the future of digital assets.

“Our latest analysis reveals that trading volumes are now driven by more sophisticated investors, instead of the small retail investors that typified the early crypto boom,” Ms Bowler said.

“This resurgence among more traditional investors reflects increased confidence that the asset class and associated technologies align with their investment thesis. These experienced investors, known for their thorough due diligence, are favoring ‘buy and hold’ strategies over speculative trading,” she added.

A year of resilience and revival

In FY24, BTC Markets experienced a remarkable surge in year-on-year trading activity, following a broader market decline over the previous two years, with average trade volume increasing by 60% and trade value rising by 40%. Average daily orders also grew by a modest 15%, indicating that while investors are executing fewer transactions, they opted for larger trades.

Bitcoin (BTC) continued to lead as the top-traded cryptocurrency, while Ethereum (ETH) and XRP retained strong positions. The growing prominence of stablecoins like USDT and USDC, alongside the rise of Solana (SOL), underscores a shift in market dynamics and a broadening of investor interests.

Ms Bowler asserts that despite Bitcoin reaching an all-time high of A$111,440 on March 14, the market remains in its early recovery phase, contrary to some views that suggest the onset of a bull market.

“Although trading volumes have improved, they have still not yet matched the peaks of FY21. The approval of spot Bitcoin and Ethereum ETFs by US regulators led to growing institutional activity, but persistent inflation, rising interest rates, and market volatility have tempered this momentum.

“Moreover, the fourth Bitcoin halving event in April 2024, while symbolic, took place in a more mature market and resulted in a gradual price increase rather than a significant surge,” she added.

Female investors ‘closing the gap’

According to BTCM, gender disparities in the crypto space are narrowing. Female investors are now catching up to their male counterparts in portfolio values and trading consistency.

The report shows a continued flattening of gender lines in average portfolio sizes. Males had a 13% higher average portfolio size than women in FY21 and FY22. However, in FY23 and FY24, this gap reduced to -1.63% and -0.81%, respectively, indicating that females now hold slightly larger portfolios on the BTC Markets platform.

Further, while males traded 8.5 times and 10.6 times more frequently than females in FY21 and FY22, respectively, this disparity has narrowed over time, with males trading 4.6 times and 3.5 times more frequently in FY23 and FY24 respectively.

Ms Bowler said: “Despite market fluctuations, female investors have shown consistent engagement on our platform, taking a disciplined and cautious approach. They often start with smaller investments and gradually increase their commitment.

“This mirrors traditional investment behaviours, where women are historically seen as ‘risk-averse’ and less likely to invest. However, they are closing the investment gap faster than ever before,” she added.

Older investors remain ‘cautiously optimistic’

The report highlights that while 25-44 year-olds are the most active crypto traders, older investors (60+) stand out for their higher initial investments and largest portfolio sizes, due to greater financial stability and accumulated wealth.

Additionally, survey data shows that 44% of those without current cryptocurrency holdings are either considering or open to it in the future. Notably, about half of those aged 45-54 and one-third of those aged 55+ are interested in exploring cryptocurrency.

Furthermore, over one-third (36%) of Australians aged 35-64 believe cryptocurrencies provide a unique diversification opportunity. This belief is even stronger among experienced investors, with nearly half (46%) of those in the same age group who rate their investing knowledge as ‘Very High’ or ‘Extremely High’ supporting the idea.

“While younger investors dominate trading activity, older investors are increasingly engaging with cryptocurrency, albeit with a more cautious and research-driven approach. They prefer to conduct thorough due diligence, consult with professionals, and carefully analyse the market before making investment decisions,” said Ms Bowler.

Key trends shaping crypto’s future

Ms Bowler identifies three key trends that will shape the cryptocurrency industry in the coming years: the growing influence of traditional finance, the impact of the 2024 US presidential election, and the need for a supportive regulatory framework in Australia.

She strongly believes that while Australian investors are enthusiastically engaging with the crypto space, the absence of a supportive regulatory framework is clearly holding us back.

“Global financial giants like JP Morgan, Standard Chartered, Goldman Sachs, HSBC, Citi, Fidelity and Franklin Templeton are embracing blockchain technologies. Yet, Australia’s multi trillion-dollar asset management and superannuation industries remain detached from these conversations,” Ms Bowler said.

“Countries like the USA, Singapore, Thailand, the UAE, as well as the EU have advanced their regulatory frameworks to meet investor demand, but locally we have seen little progress under two Federal governments. We continue to wait and debate.

“We need to create regulations that both encourage innovation and protect consumers, we need to foster greater collaboration and education among stakeholders, and we need to ensure Australia’s place in the future of finance.

“We hope this report can spark meaningful conversations in the industry and beyond,” she concluded.

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Caroline Bowler,

“ETH is now firmly on the path towards ETP status. Although already the second largest crypto asset, this will expand investor awareness of this asset and its extraordinary role within the blockchain ecosystem”, said Caroline Bowler, CEO of BTC Markets.

“For investors looking to gain exposure under a traditional investment structure, an ETP is a tailormade vehicle. Markets were buoyed by the BTC ETP and it is reasonable to expect similar for ETH on its US ETP listing.”

The profile of crypto is progressing towards the mainstream. There are ramifications for traditional financial services as the dynamics of crypto will change their structures forever. Equally, mainstream impacts will mature crypto at a pace, particularly in the areas of compliance and client protection. Each will improve the other.””

“Cryptocurrency and the blockchain economy are bigger than any one person or organisation. Its collective push towards innovating our world creates inevitable outcomes. The US ETP announcements are just one step towards that new world.”

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Caroline Bowler

Yesterday’s announcement regarding the settlement agreement between the Department of Justice (DOJ) and Binance, reminds everyone in the space about the fundamental ethos of Bitcoin and crypto.

Bitcoin was conceived to provide a decentralised, equitable, and transparent financial system, yet its inherent nature has also made it a target for bad actors seeking to exploit the system.

The actions taken today by the DOJ underscores the ongoing battle against nefarious activities, such as money laundering, within the crypto industry. The primary goal of money laundering is to integrate illicitly gained assets into the financial system, making it difficult for authorities to trace the funds back to their criminal origins.

While bad actors may seek to leverage the decentralised nature of cryptocurrencies for illicit purposes, true believers in blockchain technology are committed to cleaning up the space. The core principles of our industry are rooted in collaborating with regulators to ensure consumer protections, foster innovation, and ensure the long-term sustainability of the blockchain industry.

The commitment of BTC Markets persists in fostering a secure and compliant crypto environment that encourages responsible innovation, empowers individuals, and guards against illicit activities like money laundering. Such activities not only harm innocent individuals but also tarnish the industry’s reputation.

Yesterday’s news serves as a reminder of the ongoing efforts to ensure the integrity of the crypto space. BTC Markets stands alongside regulators and responsible industry participants to promote transparency, compliance, and ethical practices that underpin the future growth and longevity of the blockchain industry.

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This move recognises the significance of digital asset infrastructure for the future of Australia, and we look forward to working alongside the Treasury Department towards creation of a regulatory framework.

It also mirrors the calls of many of us in the industry who have been asking for proportional, appropriate regulation of our sector. We echo the position of the Treasury consultation paper in March of this year, which recognised that regulation needs to be centred on risk and remain technology neutral.

BTC Markets submitted feedback to both the cross-party Senate Committee on Australia as a Technology and Financial Centre and the recent Treasury consultation paper on licensing and custody requirements for the crypto industry.

The Treasury consultation paper in March 2022 spoke of regulating according to risk. It recognised that crypto assets are distinct in character compared to traditional financial products. The issues of trust and information asymmetry may be mitigated using blockchain technology. As a result, any regulations need to be applied based on risk, and considered technology neutral in design. Token mapping is the foundational work to achieve this risk-based objective.

The additional benefits of token mapping are many. It will provide greater clarity to crypto investors; aide companies in developing their own blockchain-based innovations; provide guidance to digital currency exchanges; as well as assist regulators in shaping an appropriate regulatory regime. It will also correctly position Australia in a leadership role globally on this issue.

In our 2020 submission to the Senate committee, BTC Markets stated that “Regulation sets the tone. It builds the culture, facilitates the flow of capital and manifesting of skills in our workforce. It is needed to construct the right safeguards, and demonstrate industry preparedness, in protecting all investor clients. It also provides surety as to the direction for investment and jobs growth.”

As the leading Australian cryptocurrency exchange, BTC Markets welcomes today’s announcement. We look forward to working closely with Treasury to keep innovation and consumer protections at the very heart of our industry.”

 By Caroline Bowler, CEO

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