Australia is dramatically changing the economy and adopting cryptocurrencies

Briefly:

  • Australian Government is implementing reforms to the legislative framework on the crypto sector
  • The authorities intend to license exchanges and introduce regulations to control the activities of digital wallets
  • A total of six out of nine major reforms approved
  • The first steps for their implementation will occur at the end of next year

The Australian Federal Government is implementing a new capital reform plan for the financial system. Special attention is paid to the regulatory regulation of the crypto-sphere.

“Now I can I can only say that if we accept these reforms, Australia will have the opportunity to benefit from integrating technology into financial flows. ”- Treasurer Josh Friedenberg.

According to the politician, the government plans to consolidate the largest financial reforms in the state system of the country for the last quarter of a century.

The new plan contains measures to resolve the “Buy now , pay later ”(Afterpay and Zip Co), digital wallets (Alphabet and Apple) and cryptocurrencies.

Among other things, the government has approved six of the nine reforms that are directly related to the crypto industry. These include the licensing of exchanges, laws to regulate the DEX, and a general access regime for all payment systems created after the law was passed.

Notably, among the bills was a proposal for tax credits for crypto miners whose farms run on renewable energy sources. However, this initiative was rejected.

Friedenberg also noted that the government has plans to issue its own digital currency (CBDC). It can be used in both retail and large transactions.

“For businesses, these reforms will remove the regulatory and tax uncertainties in the cryptocurrency space. This will attract the interest of investors, create an influx of new holders of capital, which will make it possible to use other innovative solutions, ”said the treasurer.

Caroline Bowler, director of local crypto markets for BTC, approves the government’s decision. She sees regulatory changes as promising. According to her, this is an extremely important step for further updating the legal framework in real time.

Unfortunately, the practical steps to implement these norms are postponed until the end 2053 of the year. According to Friedenberg, first, the authorities want to receive comprehensive advice from various authorities and companies.

Read also: Australian Senator sees DEX as promising and does not believe they will disappear in the future.

Dima is a managing editor and news writer. 5 years in content management. He makes sure that only high-quality information, truthful news and interesting articles get to the site. You can contact him through @IncryptedNewsBot.

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