Australia to Regulate Crypto With Digital Services Act

Australia to Regulate Crypto With Digital Services Act
  • Australia will regulate cryptocurrency through its Digital Services Act.
  • The law will focus on crypto tax, investor protection, and regulation for exchanges, brokers, etc.
  • FTX also announced that it will open its office in Australia.

Australia is mulling over the possibility of launching its own cryptocurrency regulation in a move to keep abreast with other nations. Named the Digital Services Act, this aims to consolidate all reforms put forth by the country’s legislators since late last year.

Also, according to various reports, the law will focus on crypto tax, investor protection, and regulation for exchanges, digital banks, and brokers.

Financial Services Minister Jane Hume said:

“[The Australian government] can make sure Australian exchanges, custodians and brokers – Australian players in the crypto ecosystem – work within a regulatory framework that is better, safer and more secure.”

Interestingly, FTX announced that it has set up shop in Australia.

According to the attached press release, FTX will be offering various crypto services including derivatives. Moreover, CEO Sam Bankman-Fried said that they are keen on participating in “policy discussions”.

“We look to be a participant in policy discussions globally and will seek to continue this same level [of] engagement locally through FTX Australia,” he said. “We are encouraged by the important work being undertaken to establish a new digital asset licensing regime.”

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