Australia Goes Hot and Cold With Crypto in New Rules

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.

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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.

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