Crypto is Included as a Top Priority of Australia’s New Prime Minister

Crypto is Included as a Top Priority of Australia’s New Prime Minister
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PEOPLE/OPINION

Crypto is Included as a Top Priority of Australia’s New Prime Minister

Anthony Albanese, the newly elected Prime Minister in Australia, has three major concerns to deal with as the country's new leader.

05/24/2022

Anthony Albanese’s government will prioritize climate change, rising living costs, and cryptocurrency laws.

Anthony Albanese, the newly elected Prime Minister in Australia, has three major concerns to deal with as the country’s new leader.

These include combating climate change, lowering the cost of living, and also establishing strict regulations on the cryptocurrency business.

Crypto Included as a top Priority

According to Bloomberg, the new cabinet will be addressing three major issues. These include climate change (massive fires and also floods frequently ravage Australia) and galloping inflation (the cost of living rises nearly every month in Australia, as it does in many other countries). Also, implementing regulations on the local cryptocurrency sector.

Caroline Bowler, CEO of BTC Markets, indicated that the newly elected government will carry on the work of the previous one by drafting a regulation bill focusing on digital assets.

According to her, the authorities’ “main focus” will be to apply proper rules in the space while also “leaving opportunity for innovation.”

“There is a great opportunity for the government to assist with and  also encourage innovation, given the major role that financial services play in the Australian economy, as well as its global position,” Bowler said.

Australia’s Crypto Plans for 2022

Last year, Australia’s Federal Treasurer, Josh Frydenberg, stated that the country will implement a “complete payments and also crypto-asset reform plan” in 2022. The legislation, which is believed to be the most comprehensive in the previous 25 years. It should improve the ecosystem for domestic investors and establish guidelines for enterprises that provide digital assets.

“These revisions will build a regulatory framework to underpin their growing usage of crypto assets and also clarify the treatment of innovative payment methods for customers,” Frydenberg added.

The Federal Treasurer specifically mentioned cryptocurrency exchanges. He suggested that they should be subject to the same laws as banks since they hold “large sums of people’s money and assets, and also accountability is required.”

The Australian Taxation Office (ATO) announced earlier this month that one of its primary duties this year will be to monitor cryptocurrency taxation standards. Because of their increased interest in the digital asset industry, the watchdog anticipates that more Australians will declare capital gains or losses in their annual tax returns.

Meanwhile, the ATO advised cryptocurrency traders to report accurate capital gains on their transactions. Otherwise, people who violate the guidelines will face tax fines from the regulator.

By Elah Mae Ariate Wozinga Staff

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