Australia promises changes to payments systems laws including cryptocurrency regulations

Australia will make its next move towards regulating cryptocurrency after the government promised the biggest overhaul of the nation’s payment systems since the early days of the internet.

A taxation system for cryptocurrency, protections for investors from unscrupulous dealers and methods of regulating digital banks, crypto exchanges and brokers are all on the table under the proposed changes.

“The government can’t guarantee your crypto any more than it can guarantee a painting or a share in a company, and nor should it,” Financial Services Minister Jane Hume said on Sunday.

“But we can make sure Australian exchanges, custodians and brokers – Australian players in the crypto ecosystem – work within a regulatory framework that is better, safer and more secure.”

Treasurer Josh Frydenberg flagged the reforms in December, announcing that the Morrison government would look to make the biggest changes to the sector in 25 years.

Survey data suggested up to one quarter of Australians had used cryptocurrency, which is ‘mined’ on servers like the ones pictured here. Picture: Lars Hagberg / AFP)

The reforms are to include a number of recommendations from Senator Andrew Bragg’s parliamentary report into the sector, which found Australia’s current regulations were not fit for purpose.

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Source: Australia promises changes to payments systems laws including cryptocurrency regulations | news.com.au — Australia’s leading news site