Australia has planned stricter regulation of the cryptocurrency sector This year. One of two things: either the local crypto companies pack their bags or they decide to stay and abide by the rules that the government of Anthony Albanese will impose. The way things are going, the realization of the second scenario seems very likely, because, surprisingly, the installation of bitcoin ATMs is still on the rise in the country of kangaroos.
Australia 364 Bitcoin ATM, Asia 355
Even El Salvador, the first country to legalize bitcoin, had to give way to Australia in terms of BTC ATMs installed across its territory in January. The proof that the fifth continent is still on the run installations of this type of disruptive device.
In a recent report from Coin ATM Radarwe learned that the same country, i.e. Australian state leads Asia in installed BTC ATMs. Even China, Singapore, Japan and India combined cannot exceed Australia’s 364 aircraft since they only have 355 Bitcoin ATMs. Note that this only represents 1% of fiat-to-cryptocurrency conversion devices.
At present, Australia is therefore preparing to enter the top 3 of the largest cryptocurrency ATM hubs monopolized by Europe, Canada and the United States.
No “ban”, just strict rules
Whether United States seem right now undecided about the idea of a cryptocurrency ban or the development of a suitable regulation, Australia has already taken its position. Indeed, the government in place advocates rather strict regulations for the sector. Lessons learned from crypto exchanges like FTX, series of bank collapses like Silicon Valley and crypto scams would push him to choose this alternative.
We will note, however, that local authorities seem fond of Web3. His outstretched hand to the actors in the middle is relatively noticeable in this tweet.
” The consultation is open! We released today the consultation paper is part of a multi-step reform program aimed at developing an appropriate regulatory framework for the crypto sector. Read the document and submit opinions @ http://treasury.gov.au/consultation/c2023-341659 »
Pending the promulgation of texts relating to the regulation of cryptocurrencies in Australia, we will agree that the local central bank is brooding at the moment a CBDC pilot project. On this side, the Australian elected officials seem not to have adopted a “follow-the-leader” policy of the United States since over there, the subject still divides.
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