Australia had succeeded in the crypto space and market, said the Mine Digital CEO Grant Colthup. This great success can extend its tentacles to Asia sooner than late.
With Australian DeFi projects surging, the CEO of a crypto exchange is believed as a candidate to become a hub for crypto derivatives in the Asiatic continent very soon. A lot of investors are seriously interested in crypto and is also said that crypto derivatives projects across Asian countries might be moving into Australia sooner than late.
The decentralized crypto derivative projects led in Australia called Synthetix uses protocols backed by Apollo Capital and is a very large DeFi project with a high value in USD.
New Companies are the Target
There is a very rich culture for crypto in Australia which makes investors even ignore the market of the United States of America. Australia crypto firms are more adventurous than those in the United States, commented Kayvon Pirestani, Head of APAC Institutional Coverage for Coinbase.
On the other hand, the regulations to Cryptocurrencies and exchanges implemented in Australia bring a very good scenario for legal operations. In 2017, Australia’s government declared that cryptocurrencies entered into legal status.
The government was very clear stating that Bitcoin and other related cryptocurrencies must be dealt with confidence and in a very proper way.
Cryptocurrencies had been subject to controversy due to double taxation under Australia’s goods and services tax (GST) – the change in tax treatment is a sign that shows how Australian government’s progressive approach to the crypto issue, and how it’s going to perform a great role in the market.
Cryptocurrency Exchange Regulations
The Australian transaction Reports and Analysis Centre (AUSTRAC) announced a series of solid and unbreakable cryptocurrency exchange regulations. The new crypto regulations need exchange operations to be in Australia. Also, the registrations are required to be with AUSTRAC, the tracking of records, verifications, and identifications will be subject to investigations by the government.
Any infringement, uncovered exchanges, and other shady moves will be investigated and prosecuted as a criminal act. The punishment will proceed with financial penalties.
The pattern established by Australia in cryptocurrency regulations is the clearest example of a natural structure in cryptocurrency exchanges; as well as the uprising business behind the digital world.
AUSTRAC CEO Nicole Rose PSM claims that this new set of laws will empower the agency’s compliance and will, of course, upgrade the capabilities to assist DCEs system and control, reducing the risks for cybercrime. Effective immediately, DCEs with a business operation located in Australia must now register with AUSTRAC, meet the Government’s AML/CTF compliance, and reporting obligations.
Australia’s market will grow without measures, and Asia is looking at and learning from it. Some experts say that it’s going to be a great symbiosis, an alliance full of advantages, and positive spots.
By Jenson Nuñez
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