The expansion of Ripple into Australia comes at a time when the country is developing clearer crypto regulations. Lawmakers recently advanced the Digital Asset Framework Bill, while the Australian Securities and Investments Commission has proposed rules that could require crypto platforms to obtain an Australian Financial Services License.

Ripple’s Fiona Murray hopes these regulatory changes could also help address the country’s ongoing crypto “debanking” problem. Several major banks — including Commonwealth Bank, Australia and New Zealand Banking Group, National Australia Bank, and Westpac — have placed restrictions on transfers to crypto exchanges, creating barriers for adoption across the industry.