Australia’s crypto sector is getting a huge makeover, including a new tax system and regulation
Australia’s government plans to regulate cryptocurrencies as part of a broader revamp of the country’s payment system.
The Sweeping reforms inlude a new tax system, additional protections for investors, and regulation for crypto exchanges and brokers.
This announcement comes as Aussie Blockchain Week kicks off, with CEO of FTX saying the world is “very much” looking for a crypto hub in the Asia Pacific region.
Australia is looking to market itself as a crypto hub, with comments from Federal Ministers indicating the nation is “open for business” when it comes to crypto.
Jane Hume, Australia’s Minister for the Digital Economy, says the Australian government will “enable Australians to invest safely and securely in crypto assets” by introducing a market license framework.
According to Hume, the government’s role in boosting the country’s crypto economy is to ensure “trust” between crypto investors and exchanges.
Australian senator Andrew Bragg spoke at Blockchain week Aus, emphasising Australia’s ability to become a crypto hub.
“There has been strong agreement about the need to address proper law design.”BRAGG SAYS
To reduce the risk that Australia misses its “cryptocurrency hub” opportunity, Bragg says, “We should have a very simple, clear and clean Digital Services Act.”
He continued saying that Australia should look to the Isle of Man or the Bahamas or “any of these tax havens for inspiration on regulation”.
But Hume defends the policy reform, saying the aim is to be the government’s signal for Australians that they can trust the crypto services
“The Morrison government wants to make sure that consumers can trust the exchanges that they use to buy crypto,” Hume says speaking at Blockchain Australia.
The introduction of the policies is ahead of the federal election that is slated to take place in the next couple of months.
Why is the world’s largest crypto exchange battling U.S. regulators?
U.S. regulators have filed charges against Binance, the world’s largest crypt exchange
Is the idea of a financial world that operates outside of the global banking system and eludes the reach of regulations a possibility or a pipe dream?
The Securities and Exchange Commission has filed 13 charges against the Bianace, world’s largest crypt exchange and its billionaire founder, Changpeng Zhao.
The SEC alleges that the crypto exchange worked to attract U.S. customers to its unregulated international exchange, commingled investor funds with their own and violated securities laws.
In addition, the SEC is also alleging that Binance and Zhao used market-making companies—that they controlled—to inflate trading prices and profit from of their customers.
Zhao has publicly dismissed the allegations.
Stefan Rust, the former CEO of Bitcoin.com joins us to discuss. #crypto #cryptocurrency #StefanRust #veronicadudo #Binance #ChangpengZhao
Is the metaverse the future of social network?
U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.
#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto
Who will win the global metaverse race?
China is looking to invest in the metaverse market as numerous cities rollout policy proposals.
Technology continues to change our lives forever.
As new advancements are released to the public—safety continues to be a major concern.
People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.
While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.
Analysts say it’s the next evolution in social connection and the successor to the mobile internet.
According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.
China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.
This comes after tense year of regulatory scrutiny on the countries tech sector.
The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.
The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.
So, is the metaverse taking the world by storm?
Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech
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