Australia on the way to bring 6 world-leading crypto reforms

The government in Australia is all set to bring central bank digital currency (CBDC) with its serious actions. The country has backed multiple forward-looking regulatory proposals under the name of “payment and crypto reform plan.”

The reforms, according to Treasurer Josh Frydenberg, would firmly establish Australia among a few of the leading nations in the world.

The reform proposal is believed to be the boldest shake-up of Australia’s payments system since the 1990s, with the groundbreaking crypto-related plans put up by an Australian Senate Committee in September.

As per the Australian Financial Review, the government encourages six of the Senate Committee’s nine proposals, including a crypto exchange licensing system, laws to monitor decentralized autonomous entities, and a common access regime for new payment platforms.

Before this, Jane Hume, an Australian senator, said that digital assets and DeFi could strengthen the country’s economy. It would be interesting to see the positive attitude of the government in the proposed laws.

The two ideas related to tax and financial compliance are transferred to their respective authorities for consideration and suggestion. Australia has also knocked back another proposal in relation to the Bitcoin mining tax discounts.

MD @ChloeWhiteAus quoted in the AFR on crypto regulation. The article includes a helpful summary table of the Government's response to recent crypto proposals, signalling the path forward on regulation in Australia 🇦🇺 See more: https://t.co/q9ZLuf4r4b pic.twitter.com/ZxmiwoDdjQ

— Genesis Block Advisory (@GenesisBlockAus) December 7, 2021

Australia seems bullish on crypto reforms

While speaking at the Australia – Israel Chamber of Commerce (AICC), Josh Frydenberg, the deputy leader and treasurer of the Liberal Party, pointed out the plans of the government over crypto taxation and regulation and CBDCs.

He said that the government clearly embraces and supports Blockchain technology, and the country has a huge opportunity to capitalize on the connection between technology and finance.

As TheCoinRise reported, the Australian Tax office recently said that it cannot rely on the investor’s report about their investments and holding and thus is planning to bring a monitoring system to solve the problem. 

Frydenberg was totally bullish on the cryptocurrencies reform and stated:

“For businesses, these reforms will address the ambiguity that can exist about the regulatory and tax treatment of crypto assets and new payment methods. For consumers, the new reforms will establish a regulatory framework to underpin their growing use of crypto assets.”

Recently, the Australian Securities and Investments Commission (ASIC) has released updated rules for crypto investment products.