Australians LOVE privacy, favor commercial banks over retail CBDC
Australia seems to have made its choice clear when it comes to banking preferences, showing a strong inclination for commercial banks over the proposed retail central bank digital currency (CBDC). Recent investigations by the Reserve Bank of Australia (RBA) suggest that while Australians aren’t willing to shell out extra cash for the so-called safety perks […]
Australia’s ASIC launches legal action against unlicensed mining firms
Australian Securities and Investments Commission (ASIC) has launched legal proceedings against three blockchain mining companies after their collapse into liquidation. The companies, NGS Crypto Pty Ltd, NGS Crypto Pty Ltd, and NGS Crypto Ltd under the NGS Companies banner have cost residents in the country more than $104 million in losses. Australia’s ASIC launches legal […]
Monochrome moves Bitcoin ETF bid to Cboe Australia
Monochrome Asset Management, a Brisbane-based company, has moved its request for Bitcoin exchange-traded fund (ETF) licenses to Cboe Australia. The company’s intent was to go public on the Australian Securities Exchange (ASX) by July 2023. The selection of Cboe Australia results from the growing importance of Asia’s investment landscape. Monochrome wants to utilize Cboe’s market […]
ASIC secures travel ban on Blockchain Global’s Allan Guo
The Australian Securities and Investments Commission (ASIC), the Federal Court of Australia, has placed an interim travel restraint order on Liang “Allan” Guo, the former director of the now-defunct cryptocurrency firm Blockchain Global. This decision, announced by ASIC on February 28, aims to prevent Guo from leaving the country as investigations into the company’s collapse […]
Australia Tightens AI Regulations Amid Privacy Concerns
Australia is enacting strong regulations to guarantee the security and responsible application of AI technology, a bold response to the growing problems related to the abuse of biometric data and the control of high-risk AI systems. The Australian government is avoiding a laissez-faire approach to AI legislation, as highlighted by Science and Industry Minister Ed […]
Australian court rules on crypto startup block earner case
In a significant legal development, an Australian court has issued a split decision in the closely watched case between the country’s markets regulator, the Australian Securities and Investments Commission (ASIC), and Sydney-based cryptocurrency startup Block Earner. The ruling, delivered by Judge Ian McNeil Jackman on Friday, marks a pivotal moment in the ongoing debate over […]
U.S., UK, Australia tighten sanctions on Hamas crypto
The intricate web of international finance is witnessing a significant tightening of its threads as the United States, alongside its allies in the United Kingdom and Australia, intensifies sanctions against Hamas, particularly targeting the militant group’s use of cryptocurrency. This latest move by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) […]
Australia’s Strategic Approach to Responsible Technology Use
The Australian government has unveiled a comprehensive framework. Leading the initiative, science and Industry Minister Ed Husic recently released a 25-page interim response to a national inquiry into the safe and responsible deployment of generative AI. This document outlines a pragmatic, risk-based approach, aiming to mediate between AI technologies’ rapid advancement and public safety’s imperative. […]
Australia Navigates AI Disruption: Adaptation and Opportunity in the New Digital Landscape
In a groundbreaking report by the Future Skills Organisation (FSO), in collaboration with Mandala Partners, the emerging impact of artificial intelligence (AI) on Australia’s workforce and education system has been brought into sharp focus. This comprehensive analysis, exploring the rapid incorporation of AI in various sectors, signals a significant shift in jobs that predominantly require […]
Australian Government Allocates A$17 Million to Propel AI Adoption Among SMEs
In a move to redefine the technological landscape of Australian businesses, the government has unveiled the AI Adopt Program, pledging A$17 million to propel the integration of Artificial Intelligence (AI) across small to medium enterprises (SMEs). This initiative, marked by its commitment to fostering innovation and growth, introduces AI Adopt Centres designed to be epicenters […]
Australia’s new standards to fight Online harm
In a groundbreaking move, Australia’s eSafety Commissioner, Julie Inman Grant, has unveiled world-first industry standards aimed at compelling major tech companies, including Apple, Google, and Meta, to take more substantial action in addressing the rampant issues of online child sexual abuse material and pro-terror content on their platforms. These standards also extend to combatting the […]
Australia tax office tightens grip on DeFi transactions
The Australian Taxation Office (ATO) has recently issued fresh guidelines outlining the tax implications for decentralized finance (DeFi) activities and the process of wrapping and unwrapping crypto tokens. This move follows their May 2022 agenda, highlighting crypto capital gains as a priority topic. Consequently, the ATO’s new guidance sheds light on the intricate tax responsibilities […]
Bitvavo gains key license for Austria crypto market expansion
Bitvavo, the Dutch cryptocurrency exchange, has secured a pivotal license from the Austrian Financial Market Authority. This approval marks a significant step in Bitvavo’s European expansion, enabling the company to offer its services in Austria. The development is a key part of Bitvavo’s ongoing efforts to comply with the European crypto market’s regulatory framework following […]
Australia mandates reporting of ransomware attacks to bolster cybersecurity
Australia is set to enhance its cybersecurity framework, mandating local businesses to report any ransomware cyberattacks. This move comes in response to the growing digital threats that have cost the Australian economy a staggering $2.59 billion in 2021. The upcoming national cybersecurity strategy, slated for release in November, introduces a compulsory reporting system for local […]
Can EdChat Revolutionize Education? Insight and Microsoft’s AI Chatbot Journey in South Australia
In a transformative stride toward the future of education, Insight Australia and Microsoft join forces to introduce EdChat, an innovative AI chatbot tailored explicitly for the South Australia Department of Education (DoE). This partnership marks a significant leap forward, aiming to redefine the educational scenario by offering students and educators a secure and immersive platform […]
Advanced Cybersecurity Algorithm Halts Military Robot Attacks with 99% Accuracy
In a groundbreaking leap for cybersecurity, Australian researchers from Charles Sturt University and the University of South Australia have introduced an algorithm that promises to redefine the security landscape for unmanned military robots. The team employed deep learning neural networks, emulating the intricacies of the human brain, to train the robot’s operating system in identifying […]
Australia’s crypto exchanges seek new licensing regime targeting 2024 draft legislation
In a bid to better crypto adoption, Australia seeks to release draft legislation for 2024 that covers licensing for digital assets. More importantly, the Australian crypto exchanges support the Australian Treasury’s recent proposal. The crypto exchanges will be under the financial service license regime, and if approved, the exchanges will have 1 year to transition. […]
Can AI Koala Technology Save an Endangered Species?
In a groundbreaking initiative to address the endangered status of koalas in northeastern Australia, researchers led by Professor Jun Zhou from Griffith University have unveiled a pioneering approach. Facing the challenge of accurately counting the elusive koalas in the wild, the team has integrated artificial intelligence (AI) with camera technology to establish a continuous monitoring […]
The Surging Tensions of AI Copyright in the Digital Era
In a recent revelation, the intersection of artificial intelligence (AI) and intellectual property has ignited a heated debate, putting Australian authors’ intellectual property rights in jeopardy. This controversy revolves around the unauthorized use of copyrighted literary works, including those by renowned authors like Peter Carey, Helen Garner, and Tim Winton, in a pirated dataset known […]
Australian Government Embraces AI Transparency in Privacy Policy Overhaul
In a significant move to address concerns surrounding the growing influence of artificial intelligence (AI) in decision-making processes, the Australian government, under Attorney-General Mark Dreyfus, has unveiled its response to a comprehensive review of privacy laws. The government’s commitment to granting citizens the right to access meaningful information about AI-driven decisions and its willingness to […]
AI and Analytics Transforming the Customer Experience in Australia
The landscape of customer experience (CX) in Australia is transforming, propelled by integrating artificial intelligence (AI) and analytics into CX strategies. The emergence of remote work, the transition to cloud-based contact centers, and the rise of digital self-service channels have spurred this evolution. This article explores the key developments in AI-driven CX strategies in Australia. […]
Home Affairs Takes a Casual Stance on Staff’s ChatGPT Experimentation
The Australian Department of Home Affairs has shed light on its staff’s seven-month-long experimentation with ChatGPT, categorizing it as a pursuit of “general curiosity” rather than a tool for writing production code or making significant decisions. This revelation comes following the suspension of internal access to ChatGPT in May and a subsequent questionnaire issued by […]
Australia surprises as third most represented nation in Ripple lawsuit
In a recent revelation, John E. Deaton, the legal spearhead for XRP holders in the Ripple vs. SEC case, has unveiled compelling data. This data spotlights the global diversity of XRP holders involved in the lawsuit. The United States leads the pack, accounting for 53% of the 75,000 XRP holders in the case. Given that […]
Can Australia’s AI-Powered Submarines Deter China’s Expansion?
In a strategic move aimed at countering China’s growing military presence in the Indo-Pacific region, Australia is embarking on an ambitious endeavor to bolster its naval capabilities. This multifaceted initiative involves the acquisition of high-cost nuclear-powered attack submarines and the development of relatively affordable, AI-driven unmanned submarines known as ‘Ghost Sharks.’ As geopolitical tensions continue […]
Reserve Bank of Australia maintains interest rate at 4.1% while inflation remains elevated
The Reserve Bank of Australia (RBA) has maintained its interest rate at 4.1 percent for the third consecutive month. However, they have indicated that additional rate hikes might be necessary to keep inflation in check. This decision keeps the cash rate at its highest level since April 2012 and marks the fourth pause in the […]
Australian Senate Committee rejects landmark crypto bill, sparks debate on digital asset regulation
The Senate Committee on Economics Legislation has advised against passing Senator Andrew Bragg’s Digital Assets (Market Regulation) Bill 2023. The committee’s decision was officially communicated on September 4, recommending that the government continue researching the topic rather than enacting the proposed legislation. Dissenting voices advocate for minor amendments While the committee’s majority opinion was against […]
Australia inflation drops to 4.9%, strengthens argument to extend pause
In July, inflation in Australia dropped to its lowest point of 4.9% in 17 months, mainly due to reduced holiday travel and fuel costs. Even the core inflation measure, which looks at essential price changes, showed a decrease, which suggests that there might not be a need to increase interest rates. Consequently, the markets adjusted […]
Utilizing Artificial Intelligence: ASIC’s Innovative Approach to Strengthen Financial Regulation in Australia
As concerns mount over the escalation of financial crimes, the Australian Securities and Investments Commission (ASIC) is gearing up to employ cutting-edge artificial intelligence (AI) solutions. This move aims to fortify consumer and small business protections against an upsurge in scams, digital misconduct, and predatory lending practices that have become prevalent in the Australian financial […]
Australia’s CBDC still ‘some years away’, RBA warns of uncertainty
The Reserve Bank of Australia (RBA) has stated that the possibility of introducing a central bank digital currency (CBDC) is still years away. The announcement follows the conclusion of a pilot investigation conducted by RBA in collaboration with the Digital Finance Cooperative Research Centre. In a report published today, both entities outlined that the study […]
Australian Dollar falls against USD following China property default
The Australian Dollar (AUD) has experienced a decline against the US Dollar (USD) as it weakened during the Asian trading session due to concerns about a potential credit squeeze in China’s real estate industry. These worries were sparked by the default of a private property developer, Country Garden’s debt. Adding to the strain on the […]
Bendigo Bank blocks high-risk crypto payments in Australia
Bendigo Bank, one of Australia’s largest banks, announced it would block certain high-risk crypto-related transactions to protect its customers from falling victim to scams and frauds. The bank has identified several crypto platforms and merchants involved in fraudulent activities or has received many customer complaints. These include crypto exchanges, wallets, mining services, gambling sites, and […]
ETF assets in Australia soar, breach $100 billion
A surge in the asset values of exchange-traded funds (ETFs) in Australia has taken the industry to new heights, breaching the $100 billion mark in the first half of this year. Defying earlier predictions and setting an all-time record, the ETF industry in the country has exhibited an explosive growth pace, dwarfing other local fund […]
Everything to know about Australia’s first-ever Bitcoin ETF
The possibility of Australia’s first fully accredited Bitcoin Exchange-Traded Fund (ETF) looms closer as an updated application for such a venture is lodged with the Australian Securities Exchange (ASX). The innovative Bitcoin-focused investment management firm, Monochrome, in collaboration with Vasco Trustees, aims to break new ground, providing regulated exposure to Bitcoin for retail investors through […]
Australia in panic mode as crypto faces banking crisis
Australia finds itself on the precipice of a significant banking dilemma as crypto enterprises encounter increasing de-banking occurrences. With the emergence of digital currencies, Australia’s banking sector is grappling to strike a balance between supporting innovative business operations and managing the risks associated with financial crimes and sanctions compliance. Australia’s battle against crypto de-banking De-banking, […]
Australia’s draconian laws set to shake social media
In a significant shift in policy, the Australian government is setting its sights on social media and other digital platforms, unveiling stringent legislation that intensifies oversight and levies severe penalties for spreading misinformation. The move could fundamentally transform how tech giants operate in the country, signaling a potential watershed moment in the ongoing global debate […]
Former Binance payment partner Cuscal imposes new restrictions on Australian exchanges
Cuscal, an Australian payment provider that recently cut ties with Binance, has announced new banking restrictions for the remaining digital currency exchanges on its platform through its partner Zepto. Blockchain Australia, the country’s industry body, released a statement criticizing the move, adding that though it supports efforts to secure digital transactions, Australians should be able […]
Crypto ownership surges among risk-averse young Australians
The modern era is often tagged as the age of the “digital natives,” and it’s clear that this demographic is reshaping the financial landscape. A wave of crypto-enthusiasm has engulfed Australia’s young, risk-averse investors, marking a change in investment patterns. Crypto enthusiasm among Australia’s youth An intriguing paradox is unraveling among Australia’s youngest investors, aged […]
Australians outraged over crypto payment restrictions
A wave of discontent has swept through Australia’s crypto landscape. The controversy stems from recent banking restrictions on crypto payments, with users accusing financial institutions of curtailing their economic liberties. While these limitations aim to safeguard customers from crypto scams and fraudulent activities, many citizens deem them as infringements on their rights to manage personal […]
Ripple visibility boosted in Australia as BTC Markets introduce XRP/USDT pair
Australia’s leading cryptocurrency exchange, BTC Markets, has recently expanded its trading offerings. This expansion came as a new XRP/USDT trading pair. This development will likely increase XRP’s visibility in the Australian crypto landscape. Additionally, it offers a new trading option for BTC Markets’ users. Since its establishment in 2013, BTC Markets has traditionally offered AUD […]
Binance Australia temporarily suspends AUD withdrawals and deposits
Binance Australia recently announced that they would temporarily suspend the withdrawal and deposit of the Australian Dollar (AUD) through bank transfers. The decision comes in the wake of an earlier announcement by Binance Australia on May 18, stating that they would no longer support AUD bank transfers through PayID. This change was attributed to a […]
