To protect consumers, Australia has introduced new regulations for cryptocurrenc - page 3.

Odohu

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Quote from: BenCodie on October 18, 2023, 03:47:37 AM

Quote from: Odohu on October 16, 2023, 04:41:23 AM

If Australia continues in the direction they are going, it will be only a matter of time before the very essence of Bitcoin is defeated in that country. From records, Australian government is fond of interfering with virtually everything... from forex brokerage to online casinos, they practically want to control how their citizens partake in anything. They do this by placing limits on how much an individual can deposit irrespective of how much the individual is worth with their reason being that the citizens are loosing more than they are winning. There was even news of them planning to ban some crypto-based casinos... I don't remember if this scaled through.

While this might seem like watching out for their citizens, if you look deeper, it is control in disguise.

I have done some reading after your post and to an extent, you are right. From my research there are two ways that Australia can go with Cryptocurrency vs. Their proposed digital money systems.

Firslty, they can simply keep up with innovation, not stifle it and also maintain a level of freedom.

However, Australia has the stance that cryptocurrency is competing currency...and with this ideology, their best interest seems to be that they want to eventually eliminate the Australian onramps to the ecosystem. From what I've gathered, this is something that they are aiming to do in the next 5 years, as they update their money system up to a blockchain standard.

It's interesting how they portray their news and then what you find when you dig a little deeper. I will say that it does seem quote sinister to completely eliminate cryotocurrency from their country. I suppose it's one way to get rid of a superior competing currency though. I'm interested to see what happens next there...

I'm glad you are able to corroborate on my earlier submission; I have been following Australian government policies for a while and I know how they subtly bring regulations that look good on the surface but with clandestine motives that is not far from control and censorship. Several companies that I know have been badly hit by such rules and those that have their headquarters there have to make changes to their conditions of service that it even affected those outside Australia.

I know they will have a hard time with Bitcoin and cryptocurrency in general considering that many people are opting for DEX over CEX. Well, in the near future, many things will become clearer.

BenCodie

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Quote from: Odohu on October 16, 2023, 04:41:23 AM

Quote from: BenCodie on October 16, 2023, 04:05:28 AM

Australia have always been an interesting country to watch when it comes to the regulations of cryptocurrency. It's good to see that a western country is not trying to stifle growth or innovation, but is trying to protect its consumers. Of course we all prefer complete freedom, though it does seem like they are at least trying to keep the scales somewhat balanced.

If Australia continues in the direction they are going, it will be only a matter of time before the very essence of Bitcoin is defeated in that country. From records, Australian government is fond of interfering with virtually everything... from forex brokerage to online casinos, they practically want to control how their citizens partake in anything. They do this by placing limits on how much an individual can deposit irrespective of how much the individual is worth with their reason being that the citizens are loosing more than they are winning. There was even news of them planning to ban some crypto-based casinos... I don't remember if this scaled through.

While this might seem like watching out for their citizens, if you look deeper, it is control in disguise.

I have done some reading after your post and to an extent, you are right. From my research there are two ways that Australia can go with Cryptocurrency vs. Their proposed digital money systems.

Firslty, they can simply keep up with innovation, not stifle it and also maintain a level of freedom.

However, Australia has the stance that cryptocurrency is competing currency...and with this ideology, their best interest seems to be that they want to eventually eliminate the Australian onramps to the ecosystem. From what I've gathered, this is something that they are aiming to do in the next 5 years, as they update their money system up to a blockchain standard.

It's interesting how they portray their news and then what you find when you dig a little deeper. I will say that it does seem quote sinister to completely eliminate cryotocurrency from their country. I suppose it's one way to get rid of a superior competing currency though. I'm interested to see what happens next there...

BitDane

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This is expected. Countries will implement regulations and rules to the cryptocurrency to "protect" their citizens from scams and fraud so exchanges needs to seek license and have to be taxed to be able to serve their citizens.

If the regulation's intention is to be realized to protect their citizens then this is a good thing for consumers but we all know that government is after the control or information about the activities of an exchanges in order for them to benefit from the services offered by the cryptocurrency exchanges.

The good thing here is that Australia with its regulation is stepping forward for the legalization of cryptocurrency and we know that the effect of this is better adoption.

ZAINmalik75

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Quote from: bitnote on October 16, 2023, 03:35:11 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.

I thought those exchanges were already licensed by the Australian government, but many are not, like Binance or Coinbase. That's why they specifically mentioned big exchanges having a lot of money. I checked and saw that only Kraken had their ASIC license back in time. Which I think might not be considered in the list of gaining a license soon.

Overall, that's a good step, into the world of digitalization, and we might see many startup companies from Australia just like Hong Kong is coming up with many new companies promoting and adopting crypto.

This would be a positive point for the GDP of Australia because more companies means more tax will be paid and hence the reserves will increase and more development would occur. And in the end, it is also bad for those, who don't want to agree on the ASIC or any other terms.

bittraffic

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The regulation so far is still based on the current financial services regulation but they are open to suggestions. But whatever rules are introduced in Europe are still going to be easy implementation in Australia. They don't even need to vote for it.

If ETF is already approved just as what is in the news today, I guess they are also up to approved spot ETF in Australian exchanges. All countries should be doing the same by now.

Davidvictorson

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Quote from: bitnote on October 16, 2023, 03:35:11 AM

The Australian government is introducing new rules for cryptocurrency exchanges to protect consumers.

Prior to this time has there been any security incidence with any of these crypto exchanges where lost their crypto assets? I support regulations. And crypto exchanges ought to be licensed that's one of the best ways to build trust among clients.

Quote

The government wants to balance consumer protection with innovation in blockchain technology and digital tokens.

Great leadership from the Australian government. We are going to see a competition between them the Saudi government in the development of Blockchain technology. They are both crypto friendly countries.

hugeblack

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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.

nullama

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Quote from: Odohu on October 16, 2023, 04:41:23 AM

~snip~
If Australia continues in the direction they are going, it will be only a matter of time before the very essence of Bitcoin is defeated in that country. From records, Australian government is fond of interfering with virtually everything... from forex brokerage to online casinos, they practically want to control how their citizens partake in anything. They do this by placing limits on how much an individual can deposit irrespective of how much the individual is worth with their reason being that the citizens are loosing more than they are winning. There was even news of them planning to ban some crypto-based casinos... I don't remember if this scaled through.

While this might seem like watching out for their citizens, if you look deeper, it is control in disguise.

It depends really. For example, there is this:

Quote from: https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory

In December 2013, the governor of the Reserve Bank of Australia (RBA) indicated in an interview about bitcoin legality stating, "There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. There's no law against that, so we do have competing currencies."

So, Bitcoin is clearly seen as legal in Australia.

But yes, in future you can see payments in Australia moving towards CBDCs. Basically less access to cash and a push to use more digital money only.

Here's a post I wrote in Stacker News about this: A view into the future of payments in Australia

348Judah

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Quote from: bitnote on October 16, 2023, 03:35:11 AM

The Australian government is introducing new rules for cryptocurrency exchanges to protect consumers.

There's nothing to protect on consumer's end with the use of cryptocurrency when the people are demanding for an alternative currency to be independent with their finances, this protection will be on favour of the government tha the cryptocurrencies users because they will start by tasking them.

Quote from: bitnote on October 16, 2023, 03:35:11 AM

Exchanges with a lot of money will need a license and must follow financial service laws.

These are part of the reasons why an exchange is not different from a bank, they regulate the rate and how cash flow from your account.

Quote from: bitnote on October 16, 2023, 03:35:11 AM

These rules aim to ensure transparency and safety in the crypto market.

Is this actually a success, loosing privacy to achieve transparency? how transparent could they go or offer when they have already personal interest in doing this that works in their own favour and not yours.

Quote from: bitnote on October 16, 2023, 03:35:11 AM

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.

The earlier the better , if we can embrace bitcoin and forget every other requirements for being under government regulations.

hyudien

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Quote from: Solosanz on October 16, 2023, 04:10:48 AM

They choose a good words which is "protecting consumers" it show if they're a good government, while actually their reason is to "control" their citizensso they can track how much the wealth of their citizens and tax it.

There's nothing will change, the exchanges will still accept those shitcoins and Australian government will only say "cryptocurrency is a high risk investment, do with cautious".

Is the government willing to recover the consumers' losses? nope.

You are right and I agree, it's just that to convey the message the Australian government wraps it in friendly words. However, this is only for balance and the government there is considered still friendly compared to the policies of several countries which completely prohibit cryptocurrency transactions, especially Bitcoin which is much more decentralized. Therefore, create policies that are mutually beneficial to consumers and the government. Even though most consumers want freedom, living in a country like it or not, they still have to accept the rules. Consumers just need to be smart about securing their assets in a way that is more undetectable.

Odohu

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Quote from: BenCodie on October 16, 2023, 04:05:28 AM

Australia have always been an interesting country to watch when it comes to the regulations of cryptocurrency. It's good to see that a western country is not trying to stifle growth or innovation, but is trying to protect its consumers. Of course we all prefer complete freedom, though it does seem like they are at least trying to keep the scales somewhat balanced.

If Australia continues in the direction they are going, it will be only a matter of time before the very essence of Bitcoin is defeated in that country. From records, Australian government is fond of interfering with virtually everything... from forex brokerage to online casinos, they practically want to control how their citizens partake in anything. They do this by placing limits on how much an individual can deposit irrespective of how much the individual is worth with their reason being that the citizens are loosing more than they are winning. There was even news of them planning to ban some crypto-based casinos... I don't remember if this scaled through.

While this might seem like watching out for their citizens, if you look deeper, it is control in disguise.

pinggoki

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Quote from: Solosanz on October 16, 2023, 04:10:48 AM

They choose a good words which is "protecting consumers" it show if they're a good government, while actually their reason is to "control" their citizensso they can track how much the wealth of their citizens and tax it.

There's nothing will change, the exchanges will still accept those shitcoins and Australian government will only say "cryptocurrency is a high risk investment, do with cautious".

All country use that term, it's not a spell binding word that would prevent businesses from exploiting, deceiving or abusing their consumer base. I don't about your claim about tracking though, they probably already have that tracking that you're talking about even before the passing of this regulation, I mean Australian citizens are paying their taxes already, I am sure that the Australian version of the IRS has their calculator kids crunching the numbers to track the wealth that each of their citizens have, of course there's never going to be any changes, pretty sure that you already know how slow the bureaucratic process is in the government.

Solosanz

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They choose a good words which is "protecting consumers" it show if they're a good government, while actually their reason is to "control" their citizensso they can track how much the wealth of their citizens and tax it.

There's nothing will change, the exchanges will still accept those shitcoins and Australian government will only say "cryptocurrency is a high risk investment, do with cautious".

Is the government willing to recover the consumers' losses? nope.

BenCodie

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6.25 ---> 3.125

Australia have always been an interesting country to watch when it comes to the regulations of cryptocurrency. It's good to see that a western country is not trying to stifle growth or innovation, but is trying to protect its consumers. Of course we all prefer complete freedom, though it does seem like they are at least trying to keep the scales somewhat balanced.

I have actually heard in an online community that Binance recently have let go of the vast remainder of their employees in the Australian base as of recently, after they have already been doing so throughout the year there and around the world. I wonder if the two scenarios are correlated.

bitnote

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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/

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