The Australian fintech sector has contracted, with over 7% of firms closing in 2024, particularly impacting the blockchain and cryptocurrency market, which saw a 14% decline. A KPMG report noted that 60 firms shut down, with 4.5% ceasing operations and 3% due to mergers. Regulatory bodies are intensifying scrutiny on the crypto industry, with plans for a comprehensive licensing regime and a focus on reducing criminal activities associated with cryptocurrency.
