Australia Supports Several Worldwide Crypto Reforms

According to the Australian Financial Review, the Australian government supports six of the nine reforms proposed by the Senate committee, including a licensing regime for crypto exchanges, laws governing decentralized autonomous organizations, and a general access regime for new payment platforms.

Proposals for tax and financial regulation were submitted to the relevant government bodies for consideration. And the proposal to introduce tax credits for Bitcoin mining using renewable energy sources was rejected.

Josh Friedenberg, Treasurer and Deputy Leader of the Liberal Party, said during a speech at the Australian-Israeli Chamber of Commerce (AICC) that the new reforms would remove uncertainties for businesses that could exist regarding the regulatory and tax framework for the crypto assets and new payment methods. This will generate an increase in consumer interest and attract more new participants and allow more innovation to be introduced.

He added that a regulatory framework will be created for consumers to support the growing use of crypto assets, which will expand the scope of rules related to consumer protection.

According to a survey conducted by the Kraken exchange, one in five Australians believes that Bitcoin will help them to buy their dream home. And almost a quarter of those surveyed no longer believe in traditional investment instruments.

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