A debate has emerged in the Australian crypto landscape as to whether Australia’s regulators have been effective in ensuring the integrity of the crypto sector. In response, Blockchain Australia has announced plans to launch a new initiative in order to support industry participants and promote the emerging space.

The Blockchain and Cryptocurrency Association of Australia (BCCA) has launched its first ever national report on the state of the Australian blockchain/crypto sector, and it looks pretty dismal.

With many countries looking to regulate the cryptocurrency space through various laws and regulations, Blockchain Australia is pushing for more ideal crypto regulations, rather than the heavy regulations that have been proposed by the Australian government. The country is home to many blockchain startups and startups, and this has sparked a growing interest in the country in the cryptocurrency space.. Read more about blockchain & cryptocurrency regulation 2020 and let us know what you think.

Almost every body in the crypto sector opposes cryptocurrency legislation, including exchanges, blockchain platforms, wallet platforms, and NFT platforms, among others. However, one body demands that the nation on which it is founded establish more appropriate and clearer rules.

Australia’s Blockchain Petition

As Australia’s top blockchain solutions provider, Blockchain Australia’s viewpoints are very important for the country.

As a result, Blockchain Australia (BA) believes that the current rules and regulating bodies, as well as their guidelines, are ineffective. Furthermore, according to Blockchain Australia, Australia’s crypto regulatory framework is ineffective, with many faults and loopholes. 

Despite this, Blockchain Australia (BA) has petitioned Australia’s Senate Select Committee to amend the act’s current crypto rules. 

Furthermore, BA makes three suggestions in response to this petition that will improve the country’s current technical achievements.

BA’s first suggestion is that all digital asset platforms and crypto exchanges be given a grace period to implement the new laws enacted by the jurisdiction. 

The second is that these entities will need a totally new license that differs from the existing Australian Financial Services license.

The third step is to improve and strengthen the safe harbor rules for cryptocurrency and digital asset platforms.

Furthermore, BA’s CEO, Steve Vallas, makes suggestions that, if adopted, would propel Australia’s crypto sector forward, making it a global role model in terms of crypto laws. 

In relation to Blockchain Australia,

When it comes to blockchain technology, Blockchain Australia is the country’s top platform. Blockchain Australia’s primary purpose is to improve the nation by applying blockchain technology throughout different sectors and industries. 

Furthermore, Blockchain Australia offers a variety of solutions for a variety of industries throughout the nation, including the government.

Furthermore, it offers a wide range of blockchain applications and services, from advising customers on the best blockchain technology to fully implementing blockchain technology at their company. 

Despite this, it provides services to a wide range of clients, including new startups, professional industrialists, small and medium-sized businesses, and digital asset platforms. It also extends worldwide, allowing customers from all around the globe to contact them.

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Australia does not have the best reputation for cryptocurrency regulation. Despite a rising industry, the country has no central bank or regulatory authority for digital currencies. Instead, the Australian Transaction Reports and Analysis Centre, or AUSTRAC, is tasked with regulating the country’s financial sector and fighting money laundering. The Australian Securities and Investments Commission is responsible for all other financial crimes, including but not limited to Ponzi schemes.. Read more about blockchain regulation and let us know what you think.

Related Tags

This article broadly covered the following related topics:

  • cryptocurrency legal issues
  • regulation of blockchain technology
  • cryptocurrency regulation
  • blockchain regulation
  • blockchain & cryptocurrency regulation 2020