Australia Prepares for New Crypto Regulation Overhaul
2 min read

Australia Prepares for New Crypto Regulation Overhaul: Report

By News Desk

Australia is gearing up for a sweeping overhaul of its digital asset regulatory framework.

According to a report from news.com.au, the country’s upcoming crypto regulation will be the biggest overhaul of Australia’s payment system since the early days of the internet.

Major components of the move from Australian regulators will include a taxation system for cryptocurrency, investor protections from “unscrupulous dealers,” and methods of regulating digital banks, crypto exchanges, and brokers.

“The government can’t guarantee your crypto any more than it can guarantee a painting or a share in a company, and nor should it,” Financial Services Minister Jane Hume said.

“But we 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.”

Image via Shutterstock

The reforms will also include recommendations from Australian senator Andrew Bragg, whose parliamentary report on the sector found that the country’s regulations were currently insufficient.

Bragg stated early this month that the crypto industry in Australia had voiced its support for “heavily beefed up requirements for an Australian crypto market license.”

The senator says that the industry has a consensus that crypto exchanges should be subjected to “core standards for capital adequacy, risk management, auditing and responsible person tests”.

“The legal principles which apply to financial markets can, and will, apply to digital markets,” Bragg said.

According to news.com.au, the Australian government will release three key documents on Monday, including a paper seeking the industry’s views on the appropriate strategies for developing a licensing and custody regime for digital assets. The government will be consulting and working with the crypto industry as part of the rollout of the new overhaul.

The government is reportedly aiming to implement the new regime by the end of this year.

Newsletter Inline

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Latest Posts

Best Crypto Exchanges in 2022

Best Crypto Exchanges in 2022

July 6, 2022 16 min read
Trader Joe Review
Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche
Trader Joe Review

Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche

July 2, 2022 30 min read
Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read

Related Posts

Best Crypto Exchanges in 2022

Best Crypto Exchanges in 2022

July 6, 2022 16 min read
Trader Joe Review
Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche
Trader Joe Review

Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche

July 2, 2022 30 min read
Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Raydium Review: Solana’s DeFi Liquidity Mammoth

Raydium Review: Solana’s DeFi Liquidity Mammoth

June 11, 2022 17 min read