Australia is firm among the crypto friendly nations, and the sphere is regulated by the Australian Transaction Reports and Analysis Center (AUSTRAC) in the country. The authority has recently registered the two hundred and forty-sixth cryptocurrency exchange in Australia making it one of the foremost nations to support cryptocurrency.
On the other hand, the Australian government is keen on keeping regulatory checks on the crypto sphere given the volatile nature of the industry when it comes to scamming and use as means of funding for criminal organizations including drug mafias and terrorist organizations across the globe.
In the latest, Australia has now directed all companies that are dealing in cryptocurrencies and advertising products for the cryptocurrency sphere must be registered with the AUSTRAC. The move came with a user protection rationale from the government. The new prime minister Scot Morrison is also considered a crypto friendly leader, whereas, the move by the government has been accepted widely among the cryptocurrency related organizations and users alike, a win-win situation for the sphere’s growth.
In case a company advertising crypto products fails to comply with the new law the authorities have the right to not only refuse their registration but can also lead to cancelation of their existing registration. With this move, Australia has brought the cryptocurrency sphere to the mainstream, and the acceptance of the sphere as an industry that can work with the existing economic system of the nation has long been deemed an essential evolutionary step for the progress of the financial systems and the progress of the sphere.