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Australia needs change – Australian Senate Committee demands new rules for cryptocurrencies!

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Australia's committee of senators wants new laws against cryptocurrencies
source: www.shutterstock.com/Ms.Li

The Australian Senate Committee has come up with a proposal for new regulations that will make the country more competitive in the crypto-industry.

Australia needs change

The Australian Senate Committee has recommended a set of new rules to create a clear framework for the cryptocurrencies and digital assets sector in the country.

The Committee, which represents Australia as a modern technology and financial center, has made a similar proposal on the subject twice in the last year. This week, they presented a new, third report. The document describes the problems in the country and points to other leading players in the world crypto industry. The text contains 12 different recommendations to address the shortcoming and outdated rules for cryptocurrency regulation and the use of blockchain technology in the country.

The regulation of cryptocurrencies and the use of blockchain in Australia has often appeared and still appears to be controversial. Senators mainly have a problem with the old and outdated laws they cover modern technology.

It looks like a longer process

The committee recommended the introduction of new laws for crypto exchanges, which are officially traded, and the subsequent creation of a regulatory framework for trading or custody. digital assets.

The members of the committee also suggest that the Australian Government lay down rules for companies which include a new structure for a decentralized autonomous organization (DAO).

Regulations AML (anti-money laundering) and CTF (counter-terrorist financing) must be strictly adhered to in order to prevent the misuse of digital assets or illegal activity through cryptocurrencies.

Furthermore, the so-called Travel rule refers to the requirement for all providers of digital asset services, such as cryptocurrencies, to disclose information about their customers. This rule has been established Financial Action Task Force.

It is further suggested that the Australian Treasury Department review policy and viability central bank digital currency (CBDC) in the country in order to reduce dependence on the private banking sector.

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