Australian Senate Gives 12 Recommendations for Crypto Regulation
After reviewing Australia’s crypto markets, investment trends, and blockchain regulations for over a year, a select committee from the Australian senate has come up with 12 suggestions for crypto regulations. It is an important development for Australian crypto exchanges and investors since this is the first time Australia is coming up with an official framework for the digital assets sector.
The committee had submitted two reports prior to this one. The first resort came in November 2020, followed by the second in April 2021. On Tuesday, the committee appointed to look into Australia as a center of technology and finance submitted its third and final report.
The document talks about all the problems and difficulties faced by the crypto industry in Australia. They surveyed the major industry players and came up with a set of 12 suggestions for dealing with these issues. They also took into account the problems created by the lack of a regulatory framework of digital assets in the country.
The present regulations and laws on cryptocurrency in Australia are extremely vague, to say the least. It’s not just vague but extremely archaic. Since decades-old laws are applied to cutting-edge innovation in the fintech sector, they often result in confusion and chaos.
The committee also took into account the problem with the Australian taxation system with respect to the crypto industry. In the absence of laws like those present in Singapore, it becomes very difficult for new players to enter the market. With this new set of regulations, the Australian crypto community is hopeful of seeing more growth in the crypto space in the coming years.