The candidate country to be the APAC crypto hub
Australia’s Crypto Industry Gets a Facelift, Including a New Tax System and Regulations
The Australian government plans to regulate cryptocurrencies as part of a broader overhaul of the country’s payments system.
The sweeping reforms include a new tax system, additional protections for investors, and regulation of crypto exchanges and brokers.
The announcement comes at the start of Aussie Blockchain Week, with FTX’s CEO saying the world is “very much” looking for a crypto hub in the Asia-Pacific region.
Australia is looking to portray itself as a crypto hub, with comments from federal ministers indicating the nation is “open for business” when it comes to crypto.
Jane Hume, Australia’s digital economy minister, said the Australian government will “enable Australians to invest securely in crypto assets” by introducing a marketplace licensing framework.
According to Hume, the government’s role in boosting the country’s crypto economy is to ensure “trust” between crypto investors and exchanges.
Australian Senator Andrew Bragg spoke at Blockchain Aus Week, highlighting Australia’s ability to become a crypto hub.
“There was strong agreement on the need to address the design of appropriate legislation.”
To reduce the risk of Australia missing out on its ‘cryptocurrency hub’ opportunity, Bragg says: “We should have a very simple, clear and clean system. Digital Services Act.”
He went on to say that Australia should look to the Isle of Man or the Bahamas or “one of those tax havens for regulatory inspiration”.
But Hume defends policy reform, saying the aim is to be the government’s signal to Australians that they can trust crypto services.
“The Morrison government wants to ensure that consumers can trust the exchanges they use to buy crypto,” Hume said during a speech to Blockchain Australia.
The introduction of the policies is ahead of the federal elections due to take place in the coming months.