Australia Aspires To Be a World Leader in Crypto Exchange
The Australian Securities and Investments Commission (ASIC) said in April 2018 that it will be keeping a close eye on the crypto and ICO space. For electronic exchanges, ASIC developed a new set of guidelines for supervising the suppliers of market infrastructures that are used by the exchanges’ virtual trading platforms.
This, according to analysts, would place online exchanges on the same footing as traditional finance market players. The Australian Transactions and Reporting Analysis Center already supervises Australian online asset markets (AUSTRAC). Bitcoin exchanges will now be required to join AUSTRAC’s special registry for online traders and comply with anti-money laundering and Know Your Customer (KYC) regulations.
The second public meeting on cryptocurrencies was held by the committee on establishing Australia as a technological and financial hub, which is led by NSW Liberal Senator Andrew Bragg.
Policies and Decisions
Following Wyoming’s lead in the recruitment of a major cryptocurrency company, Australia aspires to become a worldwide leader in cryptocurrencies.
Market players urged that Australia should become a worldwide leader in online commodities. That includes the $1 trillion cryptocurrency custody market, which continues to develop at a rapid rate as more and more institutions become involved.
Additionally, scholars have suggested legal recognition of decentralized autonomous organizations (DAOs), which are exclusively controlled by computer code. When Wyoming passed the DAO Law in April of this year, it became the first state in the United States to do so.
This prospective style of government is not yet adopted in other U.S. states and authorities throughout the world. Australian Transaction Reports and Analysis Centre (AUSTRAC) reports that approximately 400 digital currency exchanges are operating in Australia.
Administrative Uncertainty
Senator Bragg criticized Australia’s absence of a clear regulatory framework for cryptocurrencies in the same month, which makes it difficult for start-ups to establish agreements with banks in that country.
He told The Sydney Morning Herald that Australian crypto investors were migrating to Singapore, Germany, and Great Britain because of uncertainty: “We are aware that potential barriers are pushing crypto entrepreneurs to other countries, not only Singapore but Germany and Britain.”
25 percent of Australians either possess or want to own cryptocurrencies, according to a recent poll by the company Finder In the same poll, 56 percent of Australians believed that Elon Musk invented Bitcoin. Clearly, their awareness of the sector is lacking.
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