The Australian government is introducing key changes to its policy to accommodate for innovations in the crypto space. These developments come at a time when the Australian government is considering a CBDC rollout with seriousness. Treasurer Josh Frydenberg from the Australian Treasury Department said that these reforms will put Australia ahead of most other countries in terms of cryptocurrency research and development. Back in September, the Australian Senate had proposed nine revisions to the country’s payment systems. Out of these nine, six have been approved by the Australian government. According to Frydenberg, it is the biggest change in the country’s economic system since the 1990s. Under the new laws, cryptocurrency exchanges will be given licenses and new rules will govern DAOs (decentralized autonomous organizations).
The change of mind from the Australian authorities is indicative of cryptocurrency’s steady inroad into the mainstream economy. In the past, many crypto entrepreneurs had claimed that the country is unfit for carrying on businesses in the crypto space. As a result, many Australian crypto firms were relocating elsewhere to escape regulatory pressure. It was causing a severe financial drain for the country.
With the revised laws and policies, Australian cryptocurrency exchanges will have an easier time maintaining operations. That would, in turn, lead to more people investing in cryptocurrencies. However, investors still await reforms related to cryptocurrency taxation. Experts around the world are hopeful of the positive effects of these reforms. How effective they are will be proven in due course of time.