Australia is set to launch the biggest financial reform in the past 25 years. Among other matters, the reform will tackle cryptocurrencies, and crypto-related businesses operating within the country.
Treasurer Josh Frydenberg noted that the reform would come into effect on Wednesday. In regards to crypto, this specific reform aims to finally clear all grey areas, and bring clear and concise laws and regulations to the Australian crypto market.
This includes an extended reform targeting crypto exchanges working within the country, as well. The current plans are to create a licensing plan for these exchanges in the upcoming year, and require all such companies to comply with the said license. This would help protect Australian crypto traders and investors from potential fraud or asset theft issues.
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Frydenberg also mentioned that around 800,000 Australians own some sort of cryptocurrency. While the number might be underwhelming when you take into account the entire population of Australia (25,69 million - 800,000 is around 3% of that), it’s also constantly growing, and thus, there are additional talks about issuing a national virtual currency, as well.
