Australia becoming friendlier to crypto with 246 licensed exchanges

04 Feb, 2019 | Updated: 04 Feb, 2019
by Fifi Arisandi
Australia becoming friendlier to crypto with 246 licensed exchanges

Australia is now more open to cryptocurrency, despite registration matters' still being fussy. 

The country down under shows its stance towards crypto, with a “friendly and welcoming” attitude of the financial regulator, Australian Transaction Reports and Analysis Centre (AUSTRAC).

With the latest approval received by the US-based exchange, CryptoZoom to operate in the country, AUSTRAC now has 246 registered crypto exchanges in their portfolio.

Despite the registration's nicety, a crypto industry player in the country, Adrian Przelozny said that it’s actually important to bring crypto to mainstream.

He also thinks that the Australian banking system should use the technology to transform many aspects, such as consumer data rights, open banking reforms, and new legislation.

Another player, Michael McCarthy, who offers Bitcoin trading on its platform said that it’s about time for the government to embrace the technology through the regulation, instead of performing the “wild west attitudes” that didn’t bring any good to any parties.

As of now, according to the new legislation that was passed end of last year, all companies that advertise crypto products must register with the AUSTRAC. Failure to comply will result in registration refusal.

Read more: Australia's myCryptoWallet's bank account closed, freezes withdrawals on platform

The shifted stance of the Australian regulator towards cryptocurrency is most likely an impact of the country’s new prime minister’s view that acknowledge the distributed ledger technology (DLT) and blockchain’s contributions in the financial sector, saying that it opens “massive opportunities.”

Meanwhile, the neighbor country, New Zealand is still struggling with the major hack experienced by the largest crypto exchange in the country, Cryptopia, although the latest update stated that it might continue its operation early February.

Read more: New Zealand police state Cryptopia may reopen in early February

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