The government of Australia will consider a new legislation towards regulating cryptocurrencies in an effort to promote the Web3 sector.
<h2><strong>Australia Set to Regulate the Crypto Industry</strong></h2>
The Australian government will on Monday <a href="https://www.afr.com/companies/financial-services/government-to-consult-on-laws-to-foster-regulate-crypto-20220318-p5a5yq" target="_blank" rel="nofollow noopener">release</a> a consultation paper on a licensing and custody regime for digital assets and start consultations with industry insiders for the preparation and implementation of many of the reforms by the end of the year.

They would include suggestions for a new taxation structure for cryptocurrencies, rules to ensure investor protections against unscrupulous sellers, and regulations for regulating digital banks, crypto exchanges, and brokers.
<blockquote><em>“The government can’t guarantee your crypto any more than it can guarantee a painting or a share in a company, and nor should it,”</em> Financial Services Minister Jane Hume said on Sunday.

<em>“But we can make sure Australian exchanges, custodians and brokers Australian players in the crypto ecosystem work within a regulatory framework that is better, safer and more secure,” </em>Hume added.<em>
</em></blockquote>
According to data from last year, 25 percent of Australians held or had previously held cryptocurrencies, making the country one of the biggest adopters of cryptocurrencies on a per capita basis.

Australia Hints at Crypto-Friendly Regulatory Framework

The government of Australia will consider a new legislation towards regulating cryptocurrencies in an effort to promote the Web3 sector.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Australia Hints at Crypto-Friendly Regulatory Framework

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