Jane Hume, Australia’s Minister for the Digital Economy, disclosed that the government will “enable Australians to invest safely and securely in crypto assets” by introducing a market license framework for cryptocurrency exchanges.

Hume explained that the new market license system serves as a signal to the public that they can trust the crypto services with which they engage, as Australian crypto enterprises will be verified via a so-called “Australian-made badge of approval.”

Cryptocurrency taxation, investor protection from fraudsters, and measures to govern digital banks, cryptocurrency exchanges, and brokers are all included in the proposed legislation.

Reconstructing’ The Payment System Of Australia

Australian Treasurer Josh Frydenberg emphasized the upcoming regulatory reforms in a December whitepaper, stating that the Morrison administration aims to make the most significant improvements to Australia’s payment systems in the next 25 years.

 

Frydenberg says" If we do not reform the current guidelines, it will be Silicon Valley that determines the fate of our payment system. Australia must retain sovereignty over our payment infrastructure,” 

 

Gilder stressed that:

“At the time of this writing, about 700,000 of our customers are actively transferring money to cryptocurrency exchanges, indicating that they are already active in this field. Our customers are already there, whether we’re there or not.”

 

Frydenberg noted that regulatory infrastructure Down Under requires adaptation, with the government providing stronger strategic direction.

 

“The government’s comprehensive payment and crypto-asset reforms will cement Australia’s position as one of the world’s leading countries,”