CRYPTO NEWS: NEW CRYPTO REGULATIONS TO SAFEGUARD CONSUMERS.

NEW CRYPTO REGULATIONS
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NEW CRYPTO REGULATIONS TO SAFEGUARD CONSUMERS ARE BEEN PROPOSED. NEXT YEAR, IT’S ANTICIPATED THAT PROGRESS ON AN AUSTRALIAN REGULATORY FRAMEWORK FOR CRYPTOCURRENCIES WILL PICK UP.

NEW CRYPTO REGULATIONS TO SAFEGUARD CONSUMERS IN DETAIL:

ACCORDING TO ASSISTANT TREASURER STEPHEN JONES, ONE MILLION AUSTRALIANS HAVE MADE INVESTMENTS IN A “HIGHLY AMBIGUOUS MARKET.” HE SAID ON THURSDAY ON ABC RADIO THAT “WE MUST IMPLEMENT REGULATIONS IN THE AREA OF CRYPTOCURRENCIES.” SCAMS ARE PREVALENT AND WIDESPREAD.

NEW CRYPTO REGULATIONS
NEW CRYPTO REGULATIONS TO SAFEGUARD CONSUMERS

MR. JONES CLAIMED THAT BECAUSE THE TERM “CRYPTOCURRENCY” COVERED A WIDE RANGE OF DIFFERENT PRODUCTS, IT WAS CHALLENGING TO DETERMINE PRECISELY WHAT NEEDED TO BE REGULATED. IN ORDER TO “DELVE INSIDE EACH OF THESE CRYPTOCURRENCIES TO LEARN MORE ABOUT WHAT THEY ARE AND WHAT THEY DO,” THE GOVERNMENT HAS ANNOUNCED A PROCESS TO MAP THE TOKENS.

IN ESSENCE, A TOKEN IS A TRADEABLE UNIT OF CURRENCY THAT CAN BE USED FOR BOTH INVESTMENT AND SPENDING. PRIOR TO BEGINNING WORK ON A SET OF REGULATIONS, THE MINISTER STATED THAT HE PLANNED TO PUBLISH A CONSULTATION PAPER IN NOVEMBER. HE PREDICTED THAT “BY THAT TIME, WE WILL BE CAPABLE OF ADDRESSING SUCH PROBLEMS” THE FOLLOWING YEAR.

THE COUNCIL OF FINANCIAL REGULATORS STATED IN JUNE THAT A “TO SAFEGUARD INVESTORS AND GUARD AGAINST POTENTIAL THREATS TO FINANCIAL STABILITY, A STRONG REGULATORY FRAMEWORK IS REQUIRED.” THE AUTHORITIES EVEN TALKED ABOUT THE NEED FOR NEW RULES AND THE INCREASED INTEREST IN STABLECOINS.

THE DIGITAL COIN, WHICH CAN BE LINKED TO A REAL ASSET LIKE THE AUSTRALIAN DOLLAR, IS BEING EAGERLY ADOPTED BY BANKS AS A NEW MEANS OF VALUE STORAGE AND TRANSACTION SETTLEMENT. ON TUESDAY, THE COUNCIL IS EXPECTED TO RELEASE ITS SUBSEQUENT QUARTERLY REPORT.

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CRYPTO NEWS: NEW CRYPTO REGULATIONS TO SAFEGUARD CONSUMERS.

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