Sunday, August 25, 2019

Australia Becomes More Crypto Friendlier With 246 Registered Licensed Crypto Exchanges

The latest development which saw the US-based crypto exchange, CryptoZoom licensed to operate in Australia has taken the tally of licensed exchanges in the country to 246. The latest development showcases the advancement of crypto adoption in Australia, as commented by experts in the industry.

Crypto Licenses From Australian Transaction Reports and Analysis Centre (AUSTRAC)

Despite recent issues with crypto regulations and registrations in Australia, the country’s financial regulator, AUSTRAC has grown more to be crypto friendlier, having approved over 240 crypto exchanges. This growth could earn Australia the status of a “crypto friendly country” soon. The financial regulating agency was enhanced to register all companies that advertise crypto related products by legislation passed late last year. Failure to do that could see such firm shutdown. This brought more crypto firms under the supervision of the agency.

While commenting on the latest development in the crypto space in the country, a crypto industry player, Adrian Przelozny stated that it is very important to bring crypto into the mainstream in the country. Also, he noted that it should not only be brought to mainstream but also be used to transform many facets of the country such as consumer data right, open bank reform and new legislation.

Similarly, another expert, Michael McCarthy, who offers crypto trading on his platform stated that it is time for the government to embrace the technology through regulations instead of performing what he described as “wild west attitudes” that achieve nothing positive for the parties.

Leadership Role In Crypto Adoption By Countries

The growth seen in the crypto space (Australia) can be said to have been motivated by the new prime minister of the country who recognises the importance of crypto adoption to any country. The prime minister had stated before that crypto adoption opens massive opportunities. The role showcases a clear stance the leadership of a country could play to stimulate crypto growth in any country.

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Leaders who have supported the cause in various countries have seen growth in the sector such as Malta among others. The growth of crypto in Malta could be credited to Joseph Muscat, the country’s prime minister, who advocated the cause of crypto to the floor of the United Nations.

Similarly, countries such as China, India among others, that have grown negative stance to cryptocurrency also stem from their leaders who are fond of casting aspersion on the crypto industry.

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