Australia is preparing for key steps in the regulation of bitcoin

Australia joins the long list of countries that plan to heavily control the bitcoin and cryptocurrency sector. The Project Pay particular attention to taxation, investor protection and regulations for digital banks and bitcoin transactions.

According to Financial Services Minister Jane Hume, the government wants to ensure that all players within Bitcoin and other industries follow the same rules.

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Better and safer

Jane Hume agrees that the government cannot provide a better guarantee for Bitcoin or other cryptocurrencies than to give a share in a painting or company, but says it is not the job of the government.

Hume believes the government should allow Australian exchanges, custodians and exchange offices to operate within the same legal framework, which is safer and better than the current situation.

Australia has been working on new laws for bitcoin and other industries since 2021, after Treasury Treasurer Josh Friedenberg pointed out plans to legislate in the area.

The government is set to release three key documents to reform the payments sector, in full compliance with the planned law.

An interesting suggestion from the country’s treasuries is to actually order transactions to keep the assets of Australian investors in the country.

Reduce the tax burden

The Australian branch of tax authorities is expected to release a report on the policy framework for Bitcoin and other cryptocurrencies. Interestingly, the Australian government wants tax authorities to reduce the tax burden.

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Senator Andrew Brock has been calling for some time for better legislation in Bitcoin and other markets in Australia. Expect that Suggestions van Bragg will be added in the upcoming order.

In fact, Brock believes the government should hire experts in the new law to work in a specialized section of the project. The first findings and recommendations are expected to be released in May.

Australia is the next country in the world to give Bitcoin a permanent place in the law. That may not be interesting to most purists, but a ban is certainly not on the table.

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