Australia´s recently reelected Finance Services Minister, Jane Hume, has just given the clearest sign that the government has no plans to heavily limit cryptocurrencies in the country.
On describing the government’s plan on how to manage the decentralized finance market, Hume made clear that cryptocurrencies arrived to stay, and that crypto will inevitably evolve into a critical asset class in a relatively short period of time, reported the Australia’s Financial Review.
According to her speech, investing in high-risk assets doesn’t necessarily need rigid regulation, it is more likely a matter of personal risk and responsibility.
Australian Government is Ok With Cryptos
The Minister mentioned that crypto assets are not entirely free from regulations like KYC (Know-Your-Customer) or applicable taxes. As for Hume’s stand, the Government should be supportive to all those who invest in digital assets.
Minister Hume further clarified her position, “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.”
Moreover, Hume highlighted the influence of social media in cases of misleading information that lead to higher risk and losses for young and vulnerable investors. She pointed out TikTok and Reddit as examples of bad financial advice.
Last year, the Australian Securities and Investments Commission, the country’s regulator, reported a remarkable rise of online content targeting inexperienced retail investors.
USA May Initiate Plan to Regulate Digital Assets
Australia seems to be taking a different stance than other governments on crypto regulations. Hume’s speech comes just as the United States Treasury revealed a sound offensive against deregulated crypto markets.
For instance, the US Treasury’s proposal would require all crypto transfers equal or above U$ 10,000 to be reported to the Internal Revenue Service.
The Treasury revealed in a press statement that cryptocurrencies, deregulated as they are, make detection difficult which may help people to avoid laws. It may be taking steps to increase the level of regulations in the USA in the near future.
