Tech

Australian Government Prepares Virtual Cryptocurrency Reserves Before Plans for Industry Regulation


On Monday, Australia said it would conduct an inventory of the country’s crypto holdings, the first signal from the new centre-left government that it plans to regulate the $1 trillion sector. dollars (about 79,86,850 crore).

Treasurer Jim Chalmers said that his department will be doing “token mapping,” or cataloging the types and uses of digital currency owned in the country, as a first step toward identifying what kind electronic money property to regulate and how.

Australia would be the first country in the world to conduct such an exercise, he added in a statement.

“With the growing popularity of crypto assets, to the point where crypto ads can be plastered throughout major sporting events, we needed to make sure our customers were engaged,” Chalmers said. into crypto is fully informed and protected,” said Chalmers.

Australia has struggled for years with the question of how to regulate cryptocurrencies, which are managed by decentralized computer networks, rather than central banks.

Calls for intervention have increased since 2020 when COVID-19 stimulus payments and working from home have boosted the industry’s popularity.

Last year, a Senate investigation under the former conservative government proposed wide-ranging regulations to protect crypto holders, but that administration lost an election in June. this May before any new legislation is introduced.

The Australian Securities and Investments Commission has also said it wants the sector to be regulated, citing its research showing that 44% of retail investors hold crypto by the end of 2021.

Chalmers, the treasurer, did not specify any regulations planned for Monday, but said the token mapping exercise would be “the first step in the reform agenda”.

Last month, it was report that the Australian Competition and Consumer Commission (ACCC) is conducting a test aimed at taking down fraudulent websites targeting the crypto community there.

Netcraft, a UK-based Internet service provider, has been asked by the ACCC to provide a countermeasure service to identify suspicious and suspicious websites for takedown. The new trial also sees the Australian Securities and Investments Commission (ASIC) join as a partner with the ACCC.




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