Sweeping reforms are coming to Australia’s crypto sector, including a new tax system, additional protections for investors, and regulation for crypto exchanges and brokers.
See related article: Australia on track for a crypto boom by 2030, EY report says
Fast facts
- The Australian government will release documents relating to the regulation on Monday as it begins further consultation with the crypto industry.
- One paper seeks industry input on developing a licensing or custody regime for digital assets, as the Treasury considers compelling crypto exchanges to hold Australian’s investments onshore.
- The reforms are expected to be implemented by the end of the year.
- Australia’s Council of Financial Regulators will also be tasked on Monday with reviewing the practice of major banks “de-banking” crypto businesses.
- Australian Treasurer Josh Frydenberg first announced these measures in December as part of broader reforms to the country’s payment sector, which he said were the most significant in 25 years.
- Many of these reforms are based on recommendations made in a Senate report on Australia’s fintech industry handed down late last year.
See related article: Crypto ‘finfluencers’ are attracting a new following — of regulators
