The Australian government had given a clear indication that they believe in this new digital asset class and have no plans to heavily restrict cryptocurrencies in the country.
Australia’s Finance Services Minister Jane Hume, in her speech on Thursday, mentioned in detail the government’s plan on managing digital financial products, platforms, and advice. Hume said cryptocurrencies are here to stay, and they will evolve into a critical asset class.
“I would like to make something clear: cryptocurrency is not a fad. It is an asset class that will grow in importance. If you want to invest in Dogecoin, I won’t stand in your way. Personal opportunity and personal responsibility are two sides of the same coin.”Finance Services Minister Jane Hume
She also added that crypto assets are not entirely free from regulations. The government will provide a supportive environment for individuals willing to invest in digital assets and individuals must comply with tax laws and know-your-customer policies.
She also advised young investors to not rely on social media information for trading decisions as it can lead to losses. Platforms like TikTok and Reddit are not reliable sources of financial advice.
“Some of the information and opinions that consumers receive from online forums will be bad. But some of it will be good. And a lot of it will better engage younger generations in investment and financial markets”
Overall, this is a very positive move by any government so far towards blockchain and crypto development in a country. It seems the Australian government is more mature towards understanding technology and promoting innovation and keeping its citizens informed about the pros and cons.
India also recently announced that it will be re-thinking the crypto ban decision as the earlier policy is outdated and may not hold true. A new panel will be formed to investigate and explore the use of blockchain for technological enhancement and suggest ways to regulate crypto assets separately from fiat currencies.
In the last 2 weeks, we have seen how FUD has taken over the crypto market that resulted in the Wednesday crash. Over $600 billion wiped off from the crypto market in just 24 hours. However, analysts believe that it was a needed market correction and the market is getting back to normal.