Australia Plans to Regulate Crypto Exchanges

Hello and Namaste Everyone

This year 2000 and 23 has been more about the revelations and we have seen how things have been turning up in the crypto market. Many countries including us and India have been in the news because of the regulations and compliance issues but it is expected that the list is going to be long. We have seen multiple updates from India US UK and even Russia about the cryptocurrency regulations and now it seems like Australia is also going to join the same segment.

As per the latest news update, Australia is planning to regulate cryptocurrency exchanges and the country is trying to do this for the safety of people's money. It's good that any country is thinking about people that bringing regulation could help them save money and it is a good initiative however they should also consider that the regulation should not be one-sided.

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First of all, crypto is decentralized so bringing revelation means the government is trying to control it but yes there can be regulations on the exchanges so that they do not follow malpractice. We have seen how things have gone wrong with FTX. This is where regulation can be helpful because this way the country will be able to control the exchange and any crypto company has to follow the compliance defined by the government or the relevant body.

Now since Australia seems to be heading towards the regulation it will be interesting to see how they draught the rules for regulation and how is it going to be for the user as well as the crypto exchanges in the country. This is one of the countries that is a crypto favorable and hopefully, they follow the same momentum even after the regulation they are going to bring but they have not announced any timeline yet.

India has also been working on some documents that they are expected to release by the end of this year almost probably in the first quarter of next year in which they will be talking about the various rules and regulations related to cryptocurrencies. The way India has been working on this space cannot be considered as a positive movement because we have seen how things were made difficult in the past so we can expect similar rules once again. I just hope they don't bring any more tax on crypto else it will make dealing in crypto even more difficult.

Thank you so much
Stay Safe

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