However, one nation is forging its own path, not hanging around with a ‘wait-and-see’ attitude.Australia has been very direct and positive in terms of cryptocurrency regulation and is already implementing some of its bigger plans, like exchange registration. These licences may be tangible evidence of cryptocurrency regulation, but Australia has built up a positive outlook on digital currencies.Real moneyAustralia followed Japan in declaring Bitcoin, and other cryptocurrencies, as legal tender. The positive aspect of this announcement is that Australian authorities are providing increased regulatory certainty by designating the exact regulatory body that cryptocurrency exchanges will need to engage with moving forward. One country passes regulations for exchanges. By encompassing Blockchain, as well as financial upgrades with digital tokens, they are setting themselves up almost as a ‘first-to-market’.
The very nature of cryptocurrencies dictate that regulation, control, and by extension, a centralized system, do not fit in with what they stand for. They are supposed to be totally decentralized, and therefore not dictated by many rules.
This made a lot of sense when cryptocurrencies were not in the spotlight, and not a major factor on the world stage. However, as mainstream adoption has increased, and more individuals have entered the market, so has the interest from governments and regulators around the world.
This has culminated with the G20...
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