Good news has come from “down under,” as Australia’s government has decided that digital assets were due to undergo a regulatory overhaul, News Australia confirms. The three new bills should focus on crypto taxation, investor protection, and digital banks and exchanges regulation.
While no greater details have been revealed about these financial reforms yet, a few recent developments have indicated what their outcome might be, such as the country’s Treasury urging the government to compel exchanges to hold their investors’ assets onshore.
The Board of Taxation (BoT) will also throw their two cents in, as it is expected to bring about a report on the crypto taxation framework. The government has previously asked BoT to minimize the tax burden of digital assets.
And while it states that they cannot guarantee anyone’s possession of crypto more than any other asset or a company share, Jane Hume, the country’s Financial Services Minister, has stated that they “can make sure Australian exchanges, custodians and brokers work within a regulatory framework that is better, safer and more secure.”
It is safe to say that the country is slowly becoming one of the leaders in appropriate crypto regulation and adoption. And while it does not aim to come as far as let’s say El Salvador, the upcoming financial reforms come with a promise of cryptocurrencies becoming respected assets on the market.