A decentralized system is what lays the foundation of the much talked about, blockchain technology. The very nature of this technology that baffles everyone is the fact that, it cannot be dictated by regulations or control or even by extension of a centralized system. With an increased number of players now entering the market, government officials and other other regulators have been paying close attention to this surge.
With the G20 summit sitting down and discussing how to fit this decentralized financial system into today’s global society, One nation is forging its own path, not hanging around with a ‘wait-and-see’ attitude. Australia has been very direct and positive in terms of cryptocurrency regulation and is already implementing some of its bigger plans, like exchange registration. However, their plans and rules relating to cryptocurrencies are not unreasonable, stifling, or damaging, rather, they could be viewed as progressive and potentially uplifting for both the country and cryptocurrencies in general.
Australia, as a mature market with one regulator who is open to innovation and a government with an innovation agenda, can be a clear leader in the responsible adoption of blockchain technology
Australia is a growing market for Bitcoin (BTC) and other cryptocurrencies. As it stands, Australia is ranked 14th globally for BTC volume by currency. Australia followed Japan in declaring Bitcoin, and other cryptocurrencies, as legal tender. The Australian tax office has taken tangible steps to regulate and control taxable growth and expenditure with cryptocurrencies. These steps include the Australian Tax Office (ATO) using data matching and “100-point identification checks” to track down cryptocurrency investors, as well as bilateral tax treaties and anti-money laundering commitments to get more information out of the traditionally anonymous crypto sphere and markets, proving again how thorough, and determined, they are to keep cryptocurrencies in line with their policies.