Australia has been positive about cryptocurrency regulation. There are several large-scale exchange registrations, and related product plans to happen on the continent. This likely might lead Australia to evolve to be a notable cryptocurrency hub.
Since Australia is permitting mainstream adoption of Cryptocurrency and blockchain technology, this can, in turn, help several other industries benefit as well. Whether it be a financial sector or a small business cryptocurrency all are set to revolutionize the payment systems in all the industries in Australia.
Jaryd Koenigsmann, CEO of myCryptoWallet stated, “We’re taking a big step to make cryptocurrency a bigger part of offline daily life.” He further added, “Whether it is a cup of coffee, groceries or new pair of jeans, Australians can pay in crypto with myCryptoCard. The card means consumers have the flexibility to make use of crypto where, how and when they like. They do away with so many of the fees that come about when exchanging back and forth between crypto and fiat.”
Before regulation, cryptocurrencies have been subject to double taxation. It was only in the year 2017 that cryptocurrency exchanges and cryptocurrencies were made legal in Australia. The continual legality of cryptocurrency in Australia under the General Consumer Laws and the Corporations Act will depend upon the overall growth pattern and structure of the different cryptocurrency tokens.
Currently, Australia has the 14th largest of BTC volumes with a current supply of 17 million coins.
In 2018, the Australian Transaction Reports and Analysis Centre (AUSTRAC) had stated that they are going to approve more cryptocurrency exchanges for use in the continent. Businesses are now permitted to apply and register with the AUSTRAC to operate a cryptocurrency exchange. At present, there are more than 200 registered cryptocurrency exchanges in the country.
Every exchange that is registered should comply with the applicable regulations, and it is also mandatory to verify and identify users with AUSTRAC. Companies who are not working in compliance will be subject to criminal charges, and they will be as well subject to financial penalties.
With the blockchain technology already making its way to the mainstream, several global companies are beginning to explore the possibilities available with this technology. WWF Australia is testing the possible implementations for the products and services rendered via the blockchain technology. WWF Australia is focused on mitigating unethical sourcing of minerals and other natural resources. They are particularly interested in supply chain management, thus providing the option to deal with each step in the supply chain with absolute precision.
