Australia to Make Major Move Toward Regulating Crypto

Australia is getting serious about regulating cryptocurrencies

is preparing to regulate the cryptocurrency sector as part of the government’s major effort to modernize the country’s financial system, The Herald Sun reports.

The Department of the Treasury plans to require local cryptocurrency exchanges to store their customers’ funds within the country.The new reforms will also address cryptocurrency taxation and investor protection. The regulatory framework will be based on a parliamentary report prepared by Senator Andrew Bragg. Treasurer Josh Frydenberg supported the plan in December.

Bragg predicted that such a trend could damage Australia’s economy. He made it clear that local entrepreneurs shouldn’t be “choked” by “cumbersome” cryptocurrency regulations.

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