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Australia Plans to Regulate the Cryptocurrency Industry

ByLouis Adams

Mar 22, 2022
Reading time: < 1 minute

The government of Australia has announced its plans for a large-scale reform of the payment system, which will also affect digital currencies.

The upcoming regulation will focus primarily on the taxation of cryptocurrencies, the protection of investors, as well as the regulation of digital banks and exchanges.

According to the Minister of Financial Services of the country, Jane Hume, the task of the government is to ensure the interaction of all crypto players within the framework of the regulatory ecosystem in conditions of accelerating the activation of digitalization. She has said:

“The government cannot take responsibility for your cryptocurrency to a greater extent than for a picture or a share in a company, and should not. But we can ensure that the Australian exchanges, depositories and brokers operate within an improved, more reliable and safer regulatory framework.”

Australia first expressed its intention to regulate the cryptocurrency in 2021 after its treasurer Josh Frydenberg hinted at the state’s plans to introduce new laws.

In the course of this work, the Australian government must publish three major documents aimed at reforming the payments sector.