Visit a participating bank branch in Australia, and you will be able to convert your cash into Bitcoin.  You can buy bitcoin over the counter using money at over 1,200 participating newsagents in Australia.

In Australia, buying Bitcoin is straightforward and similar to purchasing shares. You can buy it through a broker for a particular price, or you can use a cryptocurrency exchange to buy it on the open market and choose your own buy price.

For those who are new, a cryptocurrency exchange is a website that allows you to buy or trade cryptocurrencies.  It also offers facilitates to store them for you.

Also, the Australian regulation on cryptocurrency is still nascent.  Australian law does not treat cryptocurrency as money.  The Reserve Bank of Australia (RBA) does not have plans to release a Central Bank Digital Currency (CBDC) to its retail customers.

The cryptocurrency was legalized in 2017 in Australia, and it is a leader in the Fintech industry. The government has made it clear that they were subject to the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006 (AML/CTF 2006).

All cryptocurrency exchanges in Australia should register with the Australian Transaction Reports and Analysis Centre (AUSTRAC) in line with Part 6A of the AML/CTF 2006 rules.

The exchanges are responsible for registering themselves as exchanges, identifying and verifying users, maintaining financial records, and complying with all the AML/CTF reporting obligations. Cryptocurrency exchanges which work in non-compliance will be subject to Criminal Charges or fines.  AUSTRAC focuses on preventing cryptocurrencies from being used for money laundering or to fund crime.

Exchanges should also hold an Australian Financial Services (ASF) license. They are just like any other financial service provider. When they sell cryptocurrencies as crypto assets, they need to classify them as financial products under the Corporations Act.  Thus, consumers are assured that they are buying licensed and regulated financial products. In addition, exchanges should provide consumers with relevant information like fee structures and guidelines.

There is a growing concern in Australia about the volatility of cryptocurrency prices. Around one in 6 Australians own cryptocurrencies. Volatility is a barrier to widespread adoption. Many feel that crypto is overvalued and prefer to have their value stored in stocks.

Australian law very clearly prohibits deceptive conduct in trade or in any circumstance which involves crypto. In addition, capital Gains Taxes are applicable on crypto, and therefore users need to be aware of the same when buying and selling crypto.