Block Insider
  • News
  • Market Analysis
  • InsightsSoon
  • EnglishEnglish
    • PortuguêsPortuguês
  • Login
No Result
View All Result
Saturday, June 25, 2022
ADVERTISE
SUBSCRIBE
  • News
  • Market Analysis
  • InsightsSoon
No Result
View All Result
Block Insider
No Result
View All Result
Home News

Australian Government won’t Stand in the Way of Cryptocurrencies

Nicholas Say by Nicholas Say
May 21, 2021
Reading Time:2 mins read
TelegramTwitterRedditWhatsapp

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.

RELATED POSTS

Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency

Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine

Colorado Decides to Accept Cryptocurrency for Tax and Government Payments

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.

Advertise
ADVERTISEMENT

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.

ShareTweetShareSend
Nicholas Say

Nicholas Say

Nicholas Say is a writer, visual artist, and lover of thought. He has written extensively on cryptocurrencies (Blockonomi, Coinjournal), and sees them as a way for people to come together globally.

Related Posts

Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency
News

Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency

March 10, 2022
Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine
News

Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine

March 2, 2022
ByTask Force Pushes Biden Administration to Tighten Cryptocurrency Regulation
News

Colorado Decides to Accept Cryptocurrency for Tax and Government Payments

February 24, 2022
News

Buffett’s Company Invests in Crypto-Focused Bank while MasterCard will Offer Crypto & NFT Services

February 18, 2022
News

New Crypto Coalition Stepped in Amidst a Dramatic Tuesday Comeback of Crypto Pricings

February 11, 2022
Facebook Decides to Retreat from Its Banishment on Cryptocurrency Advertisements
News

Facebook’s Dream of Its Global Cryptocurrency Comes to an Official End

February 3, 2022
Next Post

Buterin says crypto is in a bubble that might harm BTC significantly

Huobi Suspends Select Services Amid Crypto Carnage

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

BitMEX Agrees to Pay $100M in Penalties to FinCEN, CFTC

BitMEX Agrees to Pay $100M in Penalties to FinCEN, CFTC

August 11, 2021
Multi-Million Dollar Hacks Took Place against New NFT Milestone Amidst the Weekend Hit

Multi-Million Dollar Hacks Took Place against New NFT Milestone Amidst the Weekend Hit

December 10, 2021
Ethereum Classic and Dash, Price Analysis – 03 September

Ethereum Classic and Dash, Price Analysis – 03 September

September 3, 2021

Popular Stories

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
Block Insider

A financial portal covering Blockchain News, Crypto Insights and Market Analysis.

Recent Posts

  • Crypto Market Surges Following Joe Biden’s Signing of Executive Order on Cryptocurrency
  • Cryptocurrency Market Bounces Back to Green Following Russian Invasion in Ukraine
  • Colorado Decides to Accept Cryptocurrency for Tax and Government Payments

Categories

  • Market Analysis
  • News
  • Press Release

© 2022 Block Insider

No Result
View All Result
  • News
  • Market Analysis
  • EnglishEnglish
  • PortuguêsPortuguês

© 2022 Block Insider

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?