Australia Goes Hot and Cold With Crypto in New Rules

Australian Regulator ASIC Initiates Lawsuit Against eToro's CFD Product
  1. Australia has published a document containing rules to regulate crypto in the country.
  2. The rule also showed that Australia acknowledges opportunities with crypto.
  3. Well-known crypto exchanges such as Binance and FTX operate in the country.

The Australian government released updates regarding its stance on crypto which may mean a tighter grip on crypto platforms.

Read CRYPTONEWSLAND on Google News google news

The announcement came from Australia’s treasury chief Jim Chalmers, who said the regulations aimed at strengthening enforcement of cryptocurrency providers and protecting consumers. These measures come after the collapse of one of the world’s largest cryptocurrency exchanges, FTX, which resulted in financial losses for many Australian investors. 

As Chalmers assured, regulations aim to protect crypto-curious Australians and reduce economic risks, as global market watchdogs are concerned about the potential risks of investing in digital assets. Financial Services Minister Stephen Jones also backed Chalmers’  statements and the reforms in general

On the other hand, the Australian government expressed interest in the potential of cryptocurrency. As per the same paper where the rules were stipulated, Australia is open to “significant new opportunities” that come with crypto adoption and regulation.

The paper read:

“If the crypto ecosystem matures and develops, it could open significant new opportunities for businesses and consumers alike, creating jobs and fostering innovation.”

In addition, crypto can foster competition in technology and other sectors, which the country sees as areas of further improvement.

Currently, Australia has allowed some crypto exchanges to operate, including Binance and FTX. As for the latter, the country has made inquiries about its status and capability to offer services given what has happened to FTX and FTX US.

Read Also :

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

retik-new-banner-hor

related posts