Australia’s Senate Recommence its Inquiry on Crypto Regulations
Australia needs to develop fair regulations for the growing cryptocurrency sector so as to provide more security for investors and companies
A thriving and innovative financial ecosystem is what Australia focuses on – upgraded technologies, ease in transactions, more security, and being more efficient in every way. The country has a fast-growing fintech sector that will potentially boost its economy since many people are now engaged with technology. To be more specific, the surge of cryptocurrency has become beneficial in our modern society.
Just like what Australia’s senator Andrew Bragg is aiming for. He asserted that their country needs to develop fair regulations for the growing cryptocurrency sector so as to provide more security for investors and companies.
As many investors join the wave of digital assets, it should have better and right policies for them to thrive. The assigned fintech committee is on its third and final phase that will cover the crypto regulations in Australia. The team will reference its regulations from countries like Canada, UK, the EU, and the United States. Their goal is to eliminate more roadblocks to Australia’s expansion plan to be a technology and financial center.
Aside from Bragg who shows concern for Australian crypto investors, Australia’s Finance Minister apprised investors of the risk of investing in crypto. Jane Hume, Financial Service Minister, warns people that they should be aware of volatility and risks on investing in cryptocurrency. Hume added that crypto is “not a fad but an asset class that will grow in importance.”
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