Australias Crypto Regulations and Blockchain Roadmap
Australia has established a pattern of proactive cryptocurrency regulation, which deserves attention from the rest of the world. Cryptocurrencies and exchanges are legal in Australia, and the country has been progressive in its implementation of cryptocurrency regulations. For instance, digital tokens are treated as property and subject to Capital Gains Tax (CGT). Exchanges operating in Australia are required to register, identify and verify users, maintain records, and comply with government standards. And, finally since 2019, regulatory requirements for both initial coin offerings (ICOs) and cryptocurrency trading have been implemented in the country.
Such rules and regulations demonstrate Australia’s ongoing efforts to offer a clear framework for crypto firms to function in the years to come. The proposed framework reflects their goal to place Australia at the forefront of the international drive to rein in digital companies and would allow consumers to safely buy and sell crypto assets in a regulated environment. It promotes innovation, by cultivating trust in the industry.
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