An Australian blockchain technology company predicts that one million Australians will invest in cryptocurrency over the next 12 months.

The report, which surveyed 2,000 Australians, found that 8 percent of respondents already own digital currency, while another 28 percent are considering investing.

The report comes as the Australian government is taking steps to regulate the cryptocurrency industry.

Earlier this year, the country’s Senate released a draft bill that would require digital currency exchanges to register with the financial intelligence agency AUSTRAC and comply with anti-money laundering and counter-terrorism financing laws.

The rise in cryptocurrency ownership in Australia is being driven by a number of factors, including a growing awareness of digital currencies and their potential to generate returns, as well as increasing media coverage of the sector.

In addition, a number of high-profile investors have recently come out in support of cryptocurrency, which has helped legitimize the asset class in the eyes of potential investors.

While there is certainly a lot of hype surrounding digital currencies at the moment, it’s important to remember that they are still a relatively new and volatile asset class. As such, anyone thinking about investing in cryptocurrency should do so carefully and with a healthy dose of caution.

Regulated industry

With the government taking steps to regulate the industry, Australia is set to become one of the first countries in the world to comprehensively regulate digital currency exchanges. While there is significant hype surrounding digital currencies at present, investors should exercise caution when considering investing in this relatively new and volatile asset class.