Australia’s next Prime Minister has a strong interest in regulating crypto
In his first 100 days in office, Australian Prime Minister-designate Anthony Albanese is expected to focus on climate change, growing living costs, and cryptocurrency legislation as some of the most pressing policy issues.
It is during this period of growing inflation that Albanese assumed control of the company. The CEO of BTC Markets, Caroline Bowler, told Bloomberg:
Creating a legal framework for the cryptocurrency market that allows for innovation is a top priority, but it should not obstruct current players from entering the market.
The Australian government is expected to continue the work it has already undertaken on cryptocurrency legislation.
Bowler, on the other hand, remarked: In light of the crucial role financial services play in the Australian economy as well as Australia’s worldwide standing, the government has a great opportunity to aid and encourage innovation.
BetaShares Chief Economist Dave Bassanese said the government has to clarify its climate change plans in addition to tax and investment incentives “to push Sydney as a prominent Asian financial centre as a contender to Hong Kong.” “
The government should put more effort into decentralising the economy and growing it in order to address the problem of housing affordability in large cities.
It was on May 12 when the first Australian bitcoin ETFs went live. It’s widely expected that this is a turning moment in the digital asset market in Australia and throughout the world.
As ETF Securities’ Graham Tuckwell put it, We developed the first gold ETF over two decades ago, and it paved the way for all the other major global gold ETFs that followed.
The Australian government now looks to be moving on with its plans for a comprehensive revamp of payment system changes that would also target digital currencies, after talks of regulators leaving crypto businesses in limbo.
Regulators are expected to concentrate on crypto taxes, investor protection, and regulation of digital banks and exchanges, according to Finbold research from March of this year.