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Australia To Reform Crypto Regulations – What is Changing?

crypto cryptocurrency Ethereum -pixabay

by Contributing Author

It was recently announced that the government of Australia is working on new regulations for the crypto trading industry. The government representatives announced that the country’s leadership is seriously considering issuing the central bank-controlled digital currency, CBDC.

The government even backed several regulatory proposals regarding the crypto industry, which, according to them, will be a part of new payments and crypto reform plan, aimed at further developing the crypto industry.

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According to those working on the new reforms, the new laws adopted in the country will be aimed at firmly placing Australia among a handful of leading countries in terms of crypto adoption and development around the world.

It was also noted that the plan that the Australian government is working on might be the biggest shake-up in the Australian payments system industry since the 1990s. The majority of the innovative proposals were put forward by the Australian Senate Committee in September. It was also noted that the government is in favor of as many as six reforms out of 9 proposed by the Senate Committee.

This includes a special licensing regime for crypto exchanges, laws, and regulations to oversee the decentralized autonomous corporations as well as a common access regime for new platforms in the market working on crypto payments.

On the other hand, two of the proposals that were presented two the government, focusing on tax and financial compliance, have been sent back to the government bodies for rework and reconsideration. Also, the government refused one of the proposals that focused on tax discounts for bitcoin miners using renewable energy.

Embracing Crypto Development

The information about the new developments in the crypto industry was outlined by Frydenberg in a speech that was delivered at the Australia-Israel Chamber of Commerce, AICC. He noted that one clear thing is that the government wants to embrace all of the developments around crypto.

He also added that Australia has a huge potential for the future development of the crypto industry and focusing on it can be beneficial for the country. It was also reported that the government of the country is currently considering the scale of the RBA-backed cryptocurrency and it will be one of the key elements of further developing the Australian crypto regulatory reform regarding the digital asset industry.

The importance of the new regulatory framework for individual crypto-enthusiasts was also underlined, saying that these changes will establish a framework focused on the growth of the crypto industry, as well as better treatment of new payment methods.

At the same time, the government is considering ways to come up with regulatory guidelines that would guarantee the safety of individuals, without limiting future innovations in the crypto industry.

One of the Senators, Andre Bragg, noted that the steps taken by the government will put Australia on the world tech map. He also said that the country is setting a new global standard for crypto, payments, and digital wallet reforms.

Crypto Trading & Australia

The past few years have brought numerous waves of changes and developments in the crypto trading industry. The market has become more popular than ever before around the world, and Australia is no exception.

The number of institutional, as well as retail traders, is increasing very fast in the country. Such a huge demand for high-quality crypto trading services makes it necessary for the country’s leadership to adopt laws and regulations that can guarantee the safety of individuals, as well as provide the market with enough opportunities for innovative ideas and their development.

Crypto trading has become a very easy market to get into over the past few years. It offers individual traders the opportunity to get started in a matter of a few minutes, thanks to the crypto exchanges.

Once registered, even those with limited skills and knowledge can start investing in the market. This is possible by taking advantage of automated crypto trading, which is the process of using robots for trading activities.

Not only are these robots able to analyze the market effectively and efficiently, but they are also able to conduct trading activities for individual traders as well. This lets Australian retail traders go on with their daily lives, while also receiving profits from the crypto industry.

The majority of the automated trading robots are from third-party companies, which can be directly connected to traders’ accounts.

Supporting Innovation

One of the key developments in the new regulatory guidelines that the Australian government is focused on is to support further innovations in the market. While the representatives of the government frequently mention the importance of the safety and security of individuals, they are also very active when it comes to supporting the market to have room for future growth.

In addition to this, it was also recently announced that the Commonwealth Bank of Australia plans to become the first main-street bank of the country to offer a platform for retail customers where they will be provided with access to crypto trading services. This is yet another sign that the crypto industry is soaring in Australia, offering individual traders a number of opportunities to take part in the market.

As many other countries around the world fail to support the innovative ideas about the crypto industry, Australia is showing a huge interest and readiness for the further development of the market, which is a very important step towards the goal of the country – becoming an important player in the crypto industry worldwide.

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