Australian Senators pushing for country to become the next crypto hub

Australian Senators pushing for country to become the next crypto hub

The Australian Senate Committee delivered a report calling for a complete overhaul of crypto legislation and licensing in the country. Top-down governmental responses to innovation have always been questioned by entrepreneurs. Right now in crypto land as institutional investment flows steadily in and decentralized finance (DeFi) use cases and products have continued to flourish over the past 18 months, many crypto companies are begging for further regulatory clarity.The original Australian Senate Select Committee on FinTech and RegTech, chaired by Senator Andrew Bragg, was established in....


Related News

Australian Senators: Goodbye, Dollar. Hello, Bitcoin!

Australia may be the most intense hotbed of Bitcoin activity on Earth. Followers of this website have seen this country run the gamut on Bitcoin acceptance and public consumption. Some Australian cities are ready to run with Bitcoin as their primary, as our article on Tasmania's Launceston revealed. As I reported just days ago, Australia is ready to access fiat currency-based Good and Services Taxes (GSTs) upon Bitcoin. Australian residents have also paid tens of thousands of dollars in bills with Bitcoin. Now, the Australian government is prepared to have a "Senate inquiry" on the role of....

New Australian Political Party Seeks to Popularize Blockchain Voting

A new Australian political party has proposed the introduction of a token-based political system based on the concept of decentralised blockchain technology. Called the Flux Party, the new entity has already attracted more than the 500 members it needs to potentially place senate candidates on ballots in all the country's states. However, the party's immediate goal is to try and elect six senators, according to Reuters. Notably, the Flux Party will be free of its own policies, instead opting for its senators to vote for or against legislation at the bidding of token holders. Party....

US Senators Call for Increased Measures to Regulate and Trace Cryptocurrencies

Two U.S. senators have urged lawmakers to increase measures to regulate cryptocurrencies, including how to trace cryptocurrency transactions, in order to combat ransomware attacks. “We haven’t figured out in the country or in the world how to trace cryptocurrency,” one senator said, adding that “We’ve got to do a better job here.” Senators Urge Lawmakers to ‘Do Better’ in Regulating Cryptocurrencies Two senators on the Intelligence Committee talked about the government’s efforts to combat a growing problem of ransomware involving....

Australian baseball club Perth Heat to pay athletes in Bitcoin

Perth Heat will use the Bitcoin Lightning Network to make payments to professional baseball players and staff. Australian baseball club Perth Heat has announced a partnership with Bitcoin payment processor OpenNode to accept and make payments in Bitcoin (BTC). The partnership allows Perth Heat to pay professional players and staff in Bitcoin. According to the announcement, the professional sports club will send and receive payments in Bitcoin over the Lightning Network. In addition, the partnership with OpenNode allows the Perth Heat organization to accept Bitcoin payments for....

Australian Regulator Seeks Advice on Crypto-Related Assets

The Australian Securities and Investments Commission (ASIC) recently opened a consultation for establishing methods and best practices for regulating crypto assets. The consultation paper seeks guidance on which crypto-assets should qualify as underlying assets, and how to make this determination. The proposal could signal the emergence of new crypto-based products in the Australian market. Australian Regulator Seeks Advice The Australian Securities regulator issued a public consultation paper to decide how to regulate cryptocurrency-based products. The paper, titled “ASIC consults....