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Highlights
- The proposed changes will include taxation system for cryptocurrency, security for investors and methods of regulating digital banks, crypto exchanges and brokers.
- On Monday, the federal government will release three key documents as it attempts to implement many of the reforms by the end of this year.
- Bitcoin had a strong weekend, reaching as high as US$42,200 before losing ground to hold at its current price of US$41,300.
Australia is set to make its next move towards crypto regulations following the government’s promise of the biggest overhaul of the nation’s payment systems in decades.
The proposed changes will include taxation system for cryptocurrency, security for investors and methods of regulating digital banks, crypto exchanges, and brokers.
Financial Services Minister Jane Hume said this on Sunday.
While government can’t guarantee your crypto any more than it can guarantee any other asset, the government can ensure that Australian players in the crypto ecosystem work within a safer and more secure regulatory framework.
Also Read: Ethereum Classic (ETC) up 50% in 3 days: What’s powering the crypto rally?
Australian Treasurer Josh Frydenberg flagged the reforms in December, marking the biggest national fiscal reforms in 25 years. These reforms will include recommendations from a parliamentary report, which found Australia’s current regulations insufficient.
Today (21 March), the federal government will release three key documents as it attempts to implement many of the reforms by the end of this year.
In Market News, Bitcoin had a strong weekend, reaching as high as US$42,200 before losing ground to hold at its current price of US$41,300.
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Data Source: CoinMarketCap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
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