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Australian Minister urges governments to embrace the crypto sector

crypto sector

TL;DR Breakdown

  • Hume says governments should embrace the crypto sector
  • She said governments should encourage the adoption of assets
  • Other countries are wary of the crypto industry

Digital assets have cemented their place as the top pick regarding financial instruments to make profits from. This is because the majority of the assets undergo bullish runs at intervals to bring in profits. This phenomenon is highly revered by all and sundry in the market. And it has gotten people in and outside of the sector talking. In a recent publication by The Guardian, Australia Finance Minister Jane Hume has said some encouraging words about the crypto industry. According to the publication, Hume mentioned that governments worldwide should embrace the decentralized finance sector while reiterating that the whole industry should not be called a Fad.

Hume says the crypto sector should not be feared

In her statement, Hume positioned that both the government and other country sectors should never regard the crypto sector as a Fad. Hume gave her statement at the Financial Review Summit held in the country earlier today. According to Hume, people need to be careful about their actions in the market but should not be afraid to enter the sector.

Going further, Hume mentioned that the cryptocurrency industry is here to stay. Giving an illustration, she advised that people should not be like those who condemned the earlier iPhone devices because they were comfortable having music and their mobile phones on different devices. Again, she said that people should not be like those who talked bad about the internet, only for it to be the most sought-after thing in the present.

Other countries wary of the crypto sector

As far back as May, Hume assured Australians looking to enter the crypto market of zero sanctions from the government if they carry out their trading activities. She mentioned that the government would not be a stumbling block in their business of purchasing digital assets like Dogecoin.

Her reason for this was that people could seek personal opportunities and take responsibility for their actions. She also mentioned that the crypto sector was a growing market that would become one of the most important sectors in the years to come.

While Hume and Australia are encouraging people to go into crypto trading, the majority of the governments around the world are still opposed to the assets. Most of them believe that the asset class is very risky and the market itself is not safe from illicit activities. One such regulator who has warned citizens is the Financial Conduct Authority in the United Kingdom.

The FCA announced a ban on crypto derivatives on a retail level back at the beginning of the year. Their reason was that retail traders could not be open to crypto products due to the many risks in the crypto sector.

In one of its statements, the FCA also went after Binance, claiming that the popular crypto exchange cannot be regulated because it has failed to honor the body’s invitation to submit its regulatory papers. Like the United Kingdom, the United States is in a long battle with digital assets and their providers. The United States SEC boss, Gary Gensler, recently said that the DeFi sector would have some securities that are not registered. He also mentioned that the country needs to establish consumer protection laws in the industry.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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