This is the first time since the wake of cryptocurrencies that the Australian Legislation body and business thin tanks are on board for a common goal. The move comes as a response from the government’s regulatory authorities to regulate the crypto market for the better. Government authorities across the globe are proactively working to legalize crypto trading. In Australia government asks experts how to manage the tricky and volatile industry. The Australian government announced that they are designing a proposal for experts to identify legal digital currencies. The government also hinted at the development of a digital ecosystem to back lawful digital currencies.
The worldwide legislation trend started after the most valuable currency Bitcoin hiked over the $35,500 level on Wednesday. The Australian Security and Investment Commission believes that consumers will be facing huge risks of losing money if tools are not developed to legalize the trading. In addition to that, the commission also shared their plan to develop good practices for preceding the exact prices.
It is the responsibility of the market operators and investors to follow Australian law. The regulatory body will also publish quarterly and annual reports on good practices to remove the misuse of digital currency. The proposed good practices will help the Australian crypto community to control price, ownership, and risk management.
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In the post covid era, the industry is growing at a rapid pace in Australia people up to a dangerous extent start investing in crypto trading.
Not just retailers, but multinational investors and business organizations are also constantly following the surge recorded in the Australian market. As a result, hundreds of new setups are being set up in Australia. Since the industry has become more profitable after the corona pandemic, it’s expected that the crypto market will attract around ten crores of new investors.
The popularity of cryptocurrencies is one of the signs that the world’s business vision is changing rapidly. In recent times, Australians’ mindset is evolving, as they decided to move away from the traditional way of doing business. The Australian Security and Investment Commission also said that crypto powered currency market might replace the gold-backed market in the future. The commission further added that it is merely impossible to ban or control the evolution of digital technologies. There are some of the leading tech giants who are planning to launch their cryptocurrency brands.
The Australian regulatory authorities have conceived that rather than controlling technologies, it is time to come with a centralized trading mechanism to ensure transparency in crypto trading. It is our responsibility to empower our investors by providing a secure trading framework. Australian authorities have fast-tracked their legislation process to protect their investors.