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Australia’s newly-elected Prime Minister – Anthony Albanese – reportedly has three top issues to deal with it as the new leader of the country. These include battling climate change, reducing the cost of living, and imposing comprehensive rules on the cryptocurrency industry.

Crypto Included as a top Priority

The Australian Labor Party won the government elections and will try to guide the nation through the economically turbulent times ahead. For his part, the leader of the political group – Anthony Albanese – became the country’s next Prime Minister.

According to a Bloomberg report, the new cabinet will have three main issues to solve: climate change (massive fires and floods often ravage Australia), the galloping inflation (similar to many other countries, the cost of living rises nearly every month), and implementing regulations on the local cryptocurrency sector.

Anthony Albanese, Source: Japan Times

Caroline Bowler – Chief Executive Officer of BTC Markets – revealed that the newly-elected government will continue the work of the previous one and create a regulatory bill focused on digital assets.

In her view, the authorities’ “primary concern” will be to apply appropriate rules in the space but at the same time “leave room for innovation.”

“There is a real opportunity for the government to assist with innovation and support it, relating to the significant role that financial services play in the Australian economy, but also its position globally,” Bowler concluded.

Australia’s Crypto Plans for 2022

At the end of last year, the Australian politician and Federal Treasurer – Josh Frydenberg – said the country will aim to apply a “comprehensive payments and crypto-asset reform plan” in 2022. The legislation, expected to be the biggest in the last 25 years, should create a better ecosystem for domestic investors and establish rules for digital asset-providing companies.

“For consumers, these changes will establish a regulatory framework to underpin their growing use of crypto assets and clarify the treatment of new payment methods,” Frydenberg explained.

The Federal Treasurer particularly touched upon cryptocurrency exchanges. He argued they should have the same regulations as banks since they hold “significant sums of peoples’ money and investments, and there needs to be accountability.”

Earlier this month, the Australian Taxation Office (ATO) disclosed monitoring cryptocurrency taxation rules will be among its key tasks this year. The watchdog expects more Aussies to record capital gains or losses in their annual tax returns due to their increased interest in the digital asset sector.

Meanwhile, the ATO advised traders to report accurate capital gains on their cryptocurrency transactions. Otherwise, the regulator will impose tax penalties on those who bypass the rules.

Featured Image Courtesy of The Guardian

2 thoughts on “Crypto Regulation is Among Australia’s New PM Primary Concerns (Report)

  1. I literally just found out you can donate your moons! I believe I have a little less than 200 and I know how excited I was to get my first moon! I’d like to drain my account (vault and bank lol). Everyone who comments here that doesn’t have any moons will receive their first one from me and a random user will get 50! I’ll continue to donate until there are none left or until no more users have an empty vault. If I somehow get more moons off of this then next time I will donate again! I love you all and thank you so much for your statistics and research in helping create a better future for my children ❤️

  2. My dad started “investing/trading” without asking me anything and I’ve been doing this since like 2017 so I know the horror stories the scams and the ups and downs.

    Ok so long story short I’m pretty sure my dad fell for a scam. He is old in his 60s and started trading crypto binary options and was “making money”.

    Then he bought some coin that I told him was probably fake and he was obligated to hold onto it for 14 days before selling. He got the coin below market value if he invested a certain amount. He said they called this a subscription.

    When he tried to sell it they told him he had to send x amount to a Wallet address to pay taxes for the IRS.

    He was having these conversations over whatapp.

    Like if he just asked me I would have told him not to risk it and it’s all a scam… pretty sure the app was fake as well and used the name coinpost but when I googled it coinpost is simply a Japanese website/app for crypto news and not an an exchange…

    Pretty sure all his money is gone. He told me he was able to withdraw 5k to his CDC wallet and sell it and withdraw fiat to his bank. I told him this was probably a plow for them to convince him the system worked so he would invest more money.

    Tl:dr pretty sure dad got scammed out of 100k plus

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