Australia May Become New Global Cryptocurrency Hub

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Australia needs to develop a new regulatory regime to attract crypto entrepreneurs, according to a report commissioned by parliament.

In a large-scale study released today, lawmakers are calling for major amendments that would simplify the work of cryptocurrency companies, including their access to banking services. The authors note that there is no consensus in the world on this issue, as the authorities are trying to find a balance between investor protection and industry development.

Among other things, it is proposed to create a new license for crypto-exchanges, lay clear legal foundations for the storage of digital assets, and also regulate relationships in the space of decentralized finance. The report was commissioned in March to guide the development of cryptocurrency regulation next year.

“We don’t want to hang a new coat on an old hook,” said Senator Andrew Bragg, who led the report. – There is a strong anti-competitive element in Australia. Officials don’t like innovation, and their solution is to cram new ideas into old regulatory frameworks that were designed for something else. “

Bragg noted that Australia wants to become “the leading jurisdiction for cryptocurrencies in the world”, no worse than Singapore or the UK. The senator also expressed confidence that his proposals will receive support in the government.

“The more favorable conditions are created abroad, the more people will go there, especially if there is no incentive in Australia. It is strategically important for us to have such opportunities and be a strong digital economy, ”he added.

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