2 mins read Australia is pressing on with new standards that will allow the country to better regulate its cryptocurrency exchanges and create the necessary framework for establishing crypto businesses in the country.
Minister for Digital Economy Jane Hume said that the government is now ready to let ordinary Australians invest in crypto assets but to do so “safely and securely”.
This will happen through the establishment of a licensing regime for crypto businesses that are looking to set up shop in the country, including exchanges.
To communicate that an exchange is safe quickly and efficiently, the government is going to issue its own “Australian-made badge of approval”.
This comes along with broad changes to the tax regime in the country for crypto investors, some 600,000 people at this point.
This badge should work much in the same way that gambling websites receive a seal of approval by a regulating authority in Australia, the UK and elsewhere in the regulated gaming markets.
“The Morrison government wants to make sure that consumers can trust the exchanges that they use to buy crypto”, Hume told the Blockchain Australia event this Monday.
She acknowledged that while the government would not be able to protect consumers from all the risks of crypto, it would certainly try to create a fair framework for all.
Hume dismissed the idea that volatility is part of the government’s remit. Cryptocurrencies will go up and down, and it’s down to the consumers to make up their mind up as to what assets are worth investing in.
What a badge of approval would do would be to only verify that an exchange meets certain regulatory standards for consumer trust. The country’s various regulators have cautioned consumers about the risky nature of cryptocurrencies time and again.
Australia will not micromanage the financial crypto market and leave that to consumers. Some have argued that the government should shoehorn crypto products into the mainstream financial regime, but according to Hume, the government has no obligation to “assure trust” in those products, just the businesses that operate them.
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