Australia Prepares Crypto Regulations So Its Citizens Can Buy And Sell Cryptocurrecy Safely

JAKARTA – In the midst of the booming cryptocurrency among the global community, the Australian government is reportedly preparing to regulate the cryptocurrency industry. This was conveyed by Federal Treasurer Josh Frydenberg who stated that local authorities would discuss potential reforms in the next 12 months.

It aims to create a better ecosystem for crypto traders, implement a regulatory framework on exchanges, and launch a central bank digital currency or CBDC.

The government will allow Australians to buy and sell Bitcoin and altcoins in accordance with applicable regulations. In addition, the law also supports the growth of crypto-asset users in Australia.

“For consumers, these changes will establish a regulatory framework to support their growing use of crypto assets and clarify the treatment of new payment methods,” said Frydenberg.

Therefore, crypto exchanges in the Kangaroo country are required to have similar rules to banks. The reason is that the stock exchange is the holder of “a large amount of people's money and investments, and there needs to be accountability.”

Furthermore, Frydenberg explained that the regulation is expected to turn Australia into a crypto hub and place the state "among the few leading countries globally."