Australia announces next steps with crypto

The Australian government has announced the next steps it will take in regulating and building frameworks around cryptocurrencies. Its goal is to “enable Australians to invest safely and securely in crypto assets.”

The Minister for the Digital Economy, Jane Hume, said that the government was actively investigating and would develop policies around cryptocurrency taxation, investor protection from fraudsters, and measures to govern digital banks, cryptocurrency exchanges, and brokers.

This legislation will also involve the introduction of a market license framework for exchanges. Through this market license system, crypto enterprises would be verified via an “Australian-made badge of approval.”

Protecting Australia from overseas influence

Australian Treasurer, Josh Frydenberg, has voiced concern that if Australia doesn’t reform its systems to account for crypto, it would be dominated by overseas players.

“If we do not reform the current guidelines, it will be Silicon Valley that determines the fate of our payment system. Australia must retain sovereignty over our payment infrastructure,” he said.

Frydenbery and Hume both agree that Australia’s current environment is not equipped to properly manage the impact of crypto and digital assets investment. In acknowledging this, the government intends on providing stronger strategic direction moving forward.