Regulatory Direction Inhibits Australia’s Bitcoin Adoption

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Australia has been very active in cryptocurrency since the beginning of 2020. However, the country underground has lately lagged in terms of the regulatory approach to cryptocurrencies. Adrian Przelozny from Independent Reserve, Australia, commented on this in a recent interview.

He said that Australia’s biggest weakness compared to countries such as Singapore, with clear rules on digital assets, is too many regulators in Australia. Besides, noting that Australia is often seen as an example throughout the world of how AML rules should apply in this area.

He added that other regulators in Australia, such as the Australian Securities and Investment Commission [ASIC] and the Reserve Bank of Australia [RBA], have different definitions of regulations. This, he noted, created a lot of confusion. Explaining further, he noted:

What the Australian Transaction Reporting and Analysis Center [AUSTRAC] classifies as a digital currency may not be classified as a digital currency for tax purposes, which has all these other consequences. Whereas there is only one regulator in Singapore, the Monetary Authority of Singapore [MAS], and it seems to be doing everything; coordination there is much better.

Australia’s Cryptocurrency Limitations
This has been a major detractor towards Australia accepting digital assets.

Other reasons, he noted, include regulatory concerns about risk reduction and consumer protection to the extent that they seem risk-averse.

The conversation also turned to the most discussed topic – the third halves of Bitcoin. He highlighted the differentiating factor on the halves – more mature this year.