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Article Review - Australia’s Crypto Regulations

Australia is one of the leading countries in terms of cryptocurrency regulation, which deserves attention from the rest of the world. Cryptocurrencies as well as crypto exchanges are legal and regulated in Australia. Exchanges are required to register, identify and verify users, maintain records, and comply with government standards. Moreover, since 2019, regulatory requirements for both initial coin offerings (ICOs) and cryptocurrency trading have been implemented in the country.

Beyond financial transactions, the Australian government started seeing the potential for blockchain in other sectors. First and foremost, its economic potential. According to the Coinpedia article, combining blockchain with other technologies can add economic value to a range of business sectors. Australia can contribute to an estimated global annual business value of over US$175 billion by 2025 generated by blockchain. But also in government operations – safeguarding data, preventing fraud, waste, and abuse in government services while also increasing trust and accountability.

To benefit from blockchain technology, the Australian government created the National Blockchain Roadmap. It represents a strategy for governments, industry, and researchers to capitalize on opportunities and address different technological and economic challenges. Regulations in this roadmap is a crucial element of the strategy. The article quotes Australia`s government officials: “A regulatory environment that is conducive to innovation and growth is essential for Australia to take advantage of the blockchain opportunities available—including international investment opportunities. This can be achieved by ensuring our regulatory systems are principles-based and technology-neutral”. In such a way, Australian regulations are focused on the protection of both consumers and investors by shielding them from fraudulent schemes.

Praegressum sees the Australian Roadmap as a good example that the US may take into consideration. Blockchain and cryptocurrencies are changing the world and it is impossible to ignore them. Balanced rules would improve the blockchain and crypto environment preventing people from the collapses like FTX fall. We highly recommend reading the full article and sharing it with your friends.

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