Regulation will protect some certain numbers of people that only want to be protected from scam crypto exchanges and projects but they won't be able to be useful for others who cares more about decentralization, the hate on Bitcoin started because it's decentralized, and the only way the government can be in power is buying every piece and this is why I feel this next bull market might be the last best, Blackrock coming into crypto will make every juicer things in crypto become saturated, few years later crypto will be in the palm of Blackrock.
They can't control Bitcoin, and they want to, now we have ETFs, the whole crypto game is going to change in the next few years, I strongly believe in this, I do not believe that any government have the best interest of people at mind, they aren't benefitting from crypto so yes they can pretend to be fighting for the people.
The biggest robbers of poor people are the governments, when they are benefiting from anything, even if it's the most evil thing, they will heavily protect that thing, at this state there won't be any good or bad sides, I don't need any protection from the government, decentralization is the only chain breaker from the governments controls and monitoring.
Topic: To protect consumers, Australia has introduced new regulations for cryptocurrenc - page 2. (Read 428 times)
October 19, 2023, 11:47:57 AM
October 19, 2023, 10:11:58 AM
It's really great to hear that Australia has announced Bitcoin legalization, but it's really great news that the people of their country can go a long way with Bitcoin. Australians are very lucky that their country's government has legalized Bitcoin for them.
This doesn't have anything to do with legalizing BTC, by the way BTC isn't illegal in Australia. The Australian government are providng more regulations, rules and guidelines for cryptocurrency exchanges, these exchanges must follow these regulations or else they will cease to offer their services to Australian customers; i don't know where you read about BTC legalization and all the stuffs you're saying here.Maybe bitcoin will never be legal in our country because our country's government can't manage bitcoin.
I don't know what country you are talking about, but it doesn't matter if BTC is legal or not in a particular country, they still do not have the power to manage or control it, they can only make laws and decisions on it or affecting BTC businesses, but they can manage or control BTC in itself. October 19, 2023, 09:55:16 AM
The Australian government is introducing new rules for cryptocurrency exchanges to protect consumers.
Exchanges with a lot of money will need a license and must follow financial service laws. These rules aim to ensure transparency and safety in the crypto market.
They are also considering more regulations for exchanges in the future. Tokens used in gaming and NFTs won't be affected.
The government wants to balance consumer protection with innovation in blockchain technology and digital tokens.
Source:
https://cointelegraph.com/news/australian-crypto-industry-treasury-proposals-step-forward-slow-regulation
https://cryptoslate.com/australia-to-introduce-crypto-regulation-mandating-licenses-for-crypto-exchanges/
I've not been to Australia but I really like what I'm seeing in the news, the government truly have the best interest of the citizens and they will do everything to protect them. Few months ago they banned the use of credit cards and digital currencies in casinos and online gambling platforms. Now, they are laying down well defined rules to streamline the operations of crypto entities in the country. Exchanges with a lot of money will need a license and must follow financial service laws. These rules aim to ensure transparency and safety in the crypto market.
They are also considering more regulations for exchanges in the future. Tokens used in gaming and NFTs won't be affected.
The government wants to balance consumer protection with innovation in blockchain technology and digital tokens.
Source:
https://cointelegraph.com/news/australian-crypto-industry-treasury-proposals-step-forward-slow-regulation
https://cryptoslate.com/australia-to-introduce-crypto-regulation-mandating-licenses-for-crypto-exchanges/
Where I come from, there are no rules and there are two cases of local exchanges scamming customers, and no one has been held accountable. I know some persons may kick against this but it's for the best interest of the Australian people. The government is going make some money in the form of taxes but the regulations will also help to protect the citizens from shady crypto establishments.
October 19, 2023, 09:20:20 AM
The government wants to balance consumer protection with innovation in blockchain technology and digital tokens.
Well, it is definitely the responsibility of the government to be regulating anything that it feels it has jurisdiction with, especially with the intent of protecting the people and/or the general public from unscrupulous players in the industry. I do find this news to be a good news for the cryptocurrency industry in Australia as we are slowly moving away from the Wild Wild West era which dominated in many years and in many ways resulted into loss of money of people victimized by scams and frauds.
October 19, 2023, 09:08:19 AM
The article says that exchanges largely support the suggested regulations, so I guess it can be a good thing. Moreover, it means that we're talking about hypothetical regulations which aren't currently in place and might not get adopted after all.
It seems to me that both the title of the thread and the way the op phrased the info made it seem more negative and more serious than it currently is, to be honest. The part about protection of consumers kind of looks as if there's a problem with it these days, but consumer protection is mentioned only as one of the reasons for the proposed regulations, not as a single or central reason.
It seems to me that both the title of the thread and the way the op phrased the info made it seem more negative and more serious than it currently is, to be honest. The part about protection of consumers kind of looks as if there's a problem with it these days, but consumer protection is mentioned only as one of the reasons for the proposed regulations, not as a single or central reason.
October 19, 2023, 08:03:11 AM
This is positive news. It seems the regulations are friendlier than other country's. Australia seems open-minded as to the development of cryptocurrency. Although there are worries that these new regulations might categorize cryptocurrency institutions together with traditional financial institutions, I think the common ground is consumer protection. Everybody should be equally protected from the banks as well as from centralized exchanges.
El Salvador is more friendlier since they accept Bitcoin as a legal tender. Banks aren't give any protection to their customers, they're only making a promise and you need to rely with their promise. As you know human is complex and can change their mind so fast, I don't be surprised if they said they will protect their customers, but tomorrow they will disappear.
October 19, 2023, 06:41:51 AM
I do not know if the Australian government can achieve a balance between consumer protection and innovation in blockchain technology, because it is difficult to formulate regulatory laws that protect the consumer without at the same time affecting companies and innovation.
It would be very good to formulate such a law, but that is not easy because consumer protection will be by enforcing KYC and AML, and this is something that many users who like to maintain their privacy do not prefer. This also requires imposing strict regulations on companies that may limit the companies’ ability On innovation.
But let's wait and hope they can find a suitable formula.
It would be very good to formulate such a law, but that is not easy because consumer protection will be by enforcing KYC and AML, and this is something that many users who like to maintain their privacy do not prefer. This also requires imposing strict regulations on companies that may limit the companies’ ability On innovation.
But let's wait and hope they can find a suitable formula.
It is a tricky balance to obtain.
Australia used to be a great place for innovation, but now I'm not so sure about it. Maybe it is still great, but I haven't seen the same growth I've seen in a decade ago.
The thing is that Australia is a very technological place, and things might happen, but there is still a lot of people that might not want that to happen.
October 18, 2023, 10:09:48 PM
The Australian government is introducing new rules for cryptocurrency exchanges to protect consumers.
Exchanges with a lot of money will need a license and must follow financial service laws. These rules aim to ensure transparency and safety in the crypto market.
They are also considering more regulations for exchanges in the future. Tokens used in gaming and NFTs won't be affected.
The government wants to balance consumer protection with innovation in blockchain technology and digital tokens.
Source:
https://cointelegraph.com/news/australian-crypto-industry-treasury-proposals-step-forward-slow-regulation
https://cryptoslate.com/australia-to-introduce-crypto-regulation-mandating-licenses-for-crypto-exchanges/
It's really great to hear that Australia has announced Bitcoin legalization, but it's really great news that the people of their country can go a long way with Bitcoin. Australians are very lucky that their country's government has legalized Bitcoin for them. We are really sorry to hear this news from Australia. If this happened in our country, if Bitcoin was legal, we would be able to work more relaxed. Maybe bitcoin will never be legal in our country because our country's government can't manage bitcoin. Exchanges with a lot of money will need a license and must follow financial service laws. These rules aim to ensure transparency and safety in the crypto market.
They are also considering more regulations for exchanges in the future. Tokens used in gaming and NFTs won't be affected.
The government wants to balance consumer protection with innovation in blockchain technology and digital tokens.
Source:
https://cointelegraph.com/news/australian-crypto-industry-treasury-proposals-step-forward-slow-regulation
https://cryptoslate.com/australia-to-introduce-crypto-regulation-mandating-licenses-for-crypto-exchanges/
October 18, 2023, 10:02:58 PM
I do not know if the Australian government can achieve a balance between consumer protection and innovation in blockchain technology, because it is difficult to formulate regulatory laws that protect the consumer without at the same time affecting companies and innovation.
It would be very good to formulate such a law, but that is not easy because consumer protection will be by enforcing KYC and AML, and this is something that many users who like to maintain their privacy do not prefer. This also requires imposing strict regulations on companies that may limit the companies’ ability On innovation.
But let's wait and hope they can find a suitable formula.
It would be very good to formulate such a law, but that is not easy because consumer protection will be by enforcing KYC and AML, and this is something that many users who like to maintain their privacy do not prefer. This also requires imposing strict regulations on companies that may limit the companies’ ability On innovation.
But let's wait and hope they can find a suitable formula.
October 18, 2023, 09:41:34 PM
The Australian government is introducing new rules for cryptocurrency exchanges to protect consumers.
Exchanges with a lot of money will need a license and must follow financial service laws. These rules aim to ensure transparency and safety in the crypto market.
Exchanges with a lot of money will need a license and must follow financial service laws. These rules aim to ensure transparency and safety in the crypto market.
There is a need to regulate the operations of centralised crypto platforms like exchanges. We have seen these crypto organisations engage in many unwholesome activities that have led to the loss of funds of many clients. The government has the responsibility of protecting its citizens from these fraudulent firms hiding under the freedom of the crypto space to carry out their criminal activities. It is important to confirm if they have the funds they claim they own and there should also be a limit to the services they offer. However, these laws should be limited to only centralised platforms because decentralisation is self-regulatory. Citizens should be allowed to freely choose between government-regulated exchanges and decentralised platforms.
October 18, 2023, 09:16:56 PM
This is positive news. It seems the regulations are friendlier than other country's. Australia seems open-minded as to the development of cryptocurrency. Although there are worries that these new regulations might categorize cryptocurrency institutions together with traditional financial institutions, I think the common ground is consumer protection. Everybody should be equally protected from the banks as well as from centralized exchanges.
October 18, 2023, 08:37:20 PM
What I say is that this is the greatest Impudence that a government can say, that for the protection of consumers they introduce Regulations , because if in case of theft or something they will be able to recover their money, that seems to me to be the most mendacious excuse of all, it is something for which we should not Fall, they intend to put regulations so that the people who know the least Will simply accept them, that is why a whole country should read, the people will enlighten themselves because it is the only way that they do not Put lies into them and they take advantage of the money of themselves, a government will always have a lot of bitcoin, and they don't care that others don't have it , as long as they have everything right, this is the same as the KYC Trap , something very Similar.
The politicians behind most governments know very well what buttons to push to get their way, if they were honest about their intentions and they said that they were introducing new regulations as they wanted to keep better track of what you were doing with your cryptocurrencies, there will be an immediate backlash against it as people hate getting their freedoms restricted.But by using the excuse that this is being done in order to protect people from being scammed they can get away with almost anything, and do whatever they want without suffering any negative consequences.
October 18, 2023, 11:39:50 AM
What I say is that this is the greatest Impudence that a government can say, that for the protection of consumers they introduce Regulations , because if in case of theft or something they will be able to recover their money, that seems to me to be the most mendacious excuse of all, it is something for which we should not Fall, they intend to put regulations so that the people who know the least Will simply accept them, that is why a whole country should read, the people will enlighten themselves because it is the only way that they do not Put lies into them and they take advantage of the money of themselves, a government will always have a lot of bitcoin, and they don't care that others don't have it , as long as they have everything right, this is the same as the KYC Trap , something very Similar.
October 18, 2023, 07:52:48 AM
I really wish the way they want this to work will effectively but there are many places this will leave untouched. There are consumers who prefer their privacy protect and will never yield to any data submission and I fear they can't be protected. If a consumer have bitcoin in his personal wallet and it got stolen or hack, such transaction will be difficult to fight, it can be flag but the consumer will lost the access and u don't think there is point of even flagging an address when it can not be recover. Regulations can't do much either I think right.
What they want will be different with what they can do and what they can achieve after all. Not yet mentioned that they can lie us too.Fiat currencies with banks are KYC but does it work effectively to prevent Money Laundering. The answer is, not.
Governments and central banks want cryptocurrency centralized exchanges to do KYC on customers, mandatory and given reason is mandatory KYC can help to fight against Money Laundering. Do you think they will succeed with it?
My answer is they will fail.
Why KYC is extremely dangerous - and useless.
October 18, 2023, 07:49:03 AM
Like it or not, that might happen in the future, where the government will increasingly tighten its regulations to "protect consumers" from scamming.
Lol. Sorry for the loud laugh
So going forward, this is going to protect people from scammers? No I humbly disagree about that. Regulations comes with government working with centralized exchanges to give names of people they feel are guilty of scam but I don't think that will do much damage control with scammers because real scammers in crypto don't use centralized exchanges, they know better that when they scam investors their money, they will be track if they send it to exchange, they prefer pair to pair transaction where they can spend and move on with their life.
Quote
However, consumers must also follow the regulations by submitting their data to the government through exchanges so that the government can check it quickly.
Everything has positive and negative sides as the government introduces its regulations to reduce the possibility of scamming which will become more frequent.
That means consumers must be prepared for the loss of privacy from owning crypto which should still exist.
There may be no longer freedom for consumers who own crypto because the government can request reports from everyone who owns crypto.
Everything has positive and negative sides as the government introduces its regulations to reduce the possibility of scamming which will become more frequent.
That means consumers must be prepared for the loss of privacy from owning crypto which should still exist.
There may be no longer freedom for consumers who own crypto because the government can request reports from everyone who owns crypto.
I really wish the way they want this to work will effectively but there are many places this will leave untouched. There are consumers who prefer their privacy protect and will never yield to any data submission and I fear they can't be protected. If a consumer have bitcoin in his personal wallet and it got stolen or hack, such transaction will be difficult to fight, it can be flag but the consumer will lost the access and u don't think there is point of even flagging an address when it can not be recover. Regulations can't do much either I think right.
October 18, 2023, 05:49:46 AM
This kind of act must need to consider a lot of revise, enhancement before making an implementation, if the Australia want to adopt the use of the crypto alot of things must need to consider with their laws, also sure there's alot of establishment, and other centralized platform will show up just to get caught with this trend and gets conquer this kind of business, but this kind of widely adaptation will gives a good and different impact to the crypto world and security.
October 18, 2023, 04:52:18 AM
That means consumers must be prepared for the loss of privacy from owning crypto which should still exist.
There may be no longer freedom for consumers who own crypto because the government can request reports from everyone who owns crypto.
There may be no longer freedom for consumers who own crypto because the government can request reports from everyone who owns crypto.
Isn’t it already attained(the loss of privacy) with or without regulation like this once you create an account to centralized exchange?
Centralized services get our data such as IP address, transactions and many more once use their service. This kind of regulation is really good for consumer protection since there’s a lot of shady exchange like FTX that do use consumer money without any consent on different matter. I believe Binance is doing a lot of shady illegal trade that’s why they hate regulations.
October 18, 2023, 04:49:24 AM
The good side is that more governments are understanding cryptocurrencies and are focusing on the big platforms instead of trying to ban Bitcoin.
The good side is that users will get better exchanges and there is less possibility of being scammed.
The downside is that you have to provide more data, and this may reduce the privacy of many customers, in addition to accepting Bitcoin may mean imposing taxes on it.
In general, let us read these new regulations and decide whether they are good or bad, but in general, they are good because many people consider Bitcoin an investment.
If the fundamentals of bitcoin is to get rid of 3rd parties and do p2p payments, then definitely this news is no good by any means. When you are in bitcoin world, you should agree that you take the responsibility of managing your own funds yourself on your own and you also take the responsibility of making transactions and exchanges without involvement of 3rd parties. That's why Bitcoin was created but now we are stealing its fundamentals from it and only give it a trading value. If bitcoin is traded on centralized exchanges and we use Blockchain Analyzes companies to filter transactions, we simply transfrom bitcoin into stocks that have additional options that includes payment and self-custody wallets. The good side is that users will get better exchanges and there is less possibility of being scammed.
The downside is that you have to provide more data, and this may reduce the privacy of many customers, in addition to accepting Bitcoin may mean imposing taxes on it.
In general, let us read these new regulations and decide whether they are good or bad, but in general, they are good because many people consider Bitcoin an investment.
October 18, 2023, 04:47:07 AM
Like it or not, that might happen in the future, where the government will increasingly tighten its regulations to "protect consumers" from scamming.
However, consumers must also follow the regulations by submitting their data to the government through exchanges so that the government can check it quickly.
Everything has positive and negative sides as the government introduces its regulations to reduce the possibility of scamming which will become more frequent.
That means consumers must be prepared for the loss of privacy from owning crypto which should still exist.
There may be no longer freedom for consumers who own crypto because the government can request reports from everyone who owns crypto.
However, consumers must also follow the regulations by submitting their data to the government through exchanges so that the government can check it quickly.
Everything has positive and negative sides as the government introduces its regulations to reduce the possibility of scamming which will become more frequent.
That means consumers must be prepared for the loss of privacy from owning crypto which should still exist.
There may be no longer freedom for consumers who own crypto because the government can request reports from everyone who owns crypto.
October 18, 2023, 04:44:00 AM
The Australian government is introducing new rules for cryptocurrency exchanges to protect consumers.
Exchanges with a lot of money will need a license and must follow financial service laws. These rules aim to ensure transparency and safety in the crypto market.
They are also considering more regulations for exchanges in the future.
First and foremost, do you know that governments, central banks have more laws, regulations on commercial banks than cryptocurrency exchanges. Unfortunately they can not protect their citizens from bank runs, bankruptcies of commercial banks.Exchanges with a lot of money will need a license and must follow financial service laws. These rules aim to ensure transparency and safety in the crypto market.
They are also considering more regulations for exchanges in the future.
Now you believe with some more regulations, they will protect customers better or completely. Is it realistic if you take commercial banks into consideration?
Quote
Tokens used in gaming and NFTs won't be affected.
They ignore the most scammiest issue in cryptocurrency. Scam, free to mint tokens. They are brainless to do this.Don't trust governments, their promises and don't trust centralized exchanges. Be your own bank and control your private key seed and bitcoin.
Remimder: do not keep your money in online accounts
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