Australia to Regulate Crypto Sector as Part of Payments Reform
The government of Australia is preparing to comprehensively regulate the activities of cryptocurrency exchanges and custodians. The push is part of a major overhaul, aimed at preserving the country’s sovereignty over its payments system, which will also affect providers like Apple and Google. Payment Laws in Australia to Cover Crypto Business and Big Tech Authorities in Australia are gearing up to update the nation’s legislation governing payments in the largest reform of the industry in over two decades. The changes will expand the regulatory framework to encompass new....
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Australia intends to do a virtual stocktake of cryptocurrency assets held by its citizens, the new executive power in Canberra announced this week. The move is viewed as an indication that the center-left government plans to regulate the country’s crypto space.
Treasury Embarks on ‘Token Mapping’ to Underpin Crypto Regulation in Australia
As part of efforts to adopt rules for the cryptocurrency sector, Australia’s Treasurer Jim Chalmers unveiled on Monday that his department is preparing to conduct “token mapping,” Reuters reported....
“What is clear is that if we embrace these developments, Australia has an enormous opportunity to capitalize on the convergence between finance and technology,” Treasurer Josh Frydenberg said. The Australian government is seriously consider the rollout of central bank digital currency (CBDC) and has backed numerous forward-looking regulatory crypto-proposals as part of a new “payments and crypto reform plan.”Treasurer Josh Frydenberg says the reforms "will firmly place Australia among a handful of lead countries in the world."The reform plan is said to be the biggest shake-up of the....
Australia’s government plans to regulate cryptocurrencies as part of a broader revamp of the country’s payment system. Jane Hume, Australia’s Minister for the Digital Economy, disclosed that the government will “enable Australians to invest safely and securely in crypto assets” by introducing a market license framework for cryptocurrency exchanges. Cryptocurrency taxation, investor protection from fraudsters, […]
Dubai has adopted its first law to regulate the crypto sector. It has also established a dedicated regulator to oversee crypto activities and related service providers. Crypto Sector Regulated in Dubai The emirate of Dubai has adopted its first law to regulate crypto assets and established a regulator to oversee crypto activities and regulate crypto service providers. The official Twitter account for Sheikh Mohammed bin Rashid Al Maktoum announced Wednesday that the first virtual assets law has been approved in Dubai and the Dubai Virtual Assets Regulatory Authority (VARA) has been....
Digital currencies such as bitcoin are attractive for terrorism financing, according to Australia’s financial intelligence agency, AUSTRAC, which is calling for them to regulate it under its anti-money laundering and counter-terrorism financing laws. A report published by AUSTRAC, Terrorism financing in Australia 2014, stated that terrorism financing was turning its attention to electronic and online payment methods, which is likely to rise over time. The report said: Terrorist groups engaged in radicalisation, recruitment and communication online (such as through social media) are a....