Australia has joined the list of countries planning to regulate the cryptocurrency industry, with the government announcing plans for a major overhaul of the payments system that will also target digital currencies.
According to Australian news reports, the planned regulations will focus primarily on crypto taxation, investor protection, and the regulation of digital banks and exchanges.
Jane Hume, the country’s Minister of Financial Services, said the government aims to ensure that all cryptocurrency players can act in a regulated ecosystem amid the increased adoption of various assets.
Under the terms of the plan, the government will release three key documents aimed at reforming the payments industry. One of the documents aims to gather opinions from key players on the licensing of digital assets.
In terms of taxation, the government wants the BoT to minimize the tax burden while advising the crypto industry. Back on March 17, the Australian Taxation Office (ATO) pointed to increased scrutiny of cryptocurrencies to ensure users accurately report gains and determine whether it is being used for investment or business purposes.
In addition to the reforms, the Treasury Department is also working on designing crypto market licenses as well as local custody requirements. The results of the survey are expected to be released as early as May.
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