The country bidding to be APAC’s crypto hub with new tax cuts

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.