Australia2018-05-27T10:50:19+00:00

Australia

Region: Asia

Favorability: 4/5

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A pro-cryptocurrency country, Australia, continues to implement rules and regulations to ensure safe cryptocurrency transactions. The political establishment of the country has called upon the Reserve Bank of Australia to embrace and adopt blockchain.

Favorable government regulations have allowed cryptocurrencies to thrive in Australia and have made them popular among the general Australian public. Today, Australia is among the top 10 countries in terms of total volume of cryptocurrency transactions per day.

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Legal Status
of Cryptocurrency in Australia

Cryptocurrencies, including Bitcoin, are legal in Australia, with Australian government officials viewing cryptocurrencies in a positive light. . Proper Know Your Customer (KYC) documentation is required for cryptocurrency transactions in the country to prevent illegal activities. Australia removed double taxation on cryptocurrencies in 2017 in order to promote its usage in the country.

Regulation
of ICOs in Australia

Australia is one of the first countries to issue regulations on ICO operations. The regulations, introduced by Australian Securities and Investments Commission (ASIC), require ICOs providing combined investments to register themselves under the country’s Companies Act before operating in the country. It also requires ICOs to acquire a financial services license if they offer financial advice to their customers.

The regulation also requires ICOs to obtain a market license in order to sell tokens to Australian citizens. It warns ICOs to provide proper white papers and to adhere to them, as ICOs misleading customers will be penalized under law.

Cryptocurrency
Markets in Australia

Australian investors in general are bullish towards Bitcoin and other cryptocurrencies, investing significant sums in them. They are also interested in the underlying blockchain technology and seek to implement it for their post trade settlements. The Australian government’s regulations havegiven r cryptocurrencies a platform for operating legally in the country while preventing illegal uses of cryptocurrencies.

Without a doubt, Australia has emerged as a frontrunner for future cryptocurrency investments. The government plans to bring out even more comprehensive and crypto-friendly regulations in the near future, so it remains to be seen how these will further affect the worldwide cryptocurrency market.

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