Recently, Australian government desires to rectify its Bitcoin regulations. Since, there are unfavorable to businesses and individuals seeking to use and adopt cryptocurrency.
Australian Bitcoin Adoption Is Increasing
Throughout 2017, Australia has come across increase in bitcoin and cryptocurrency adoption. Therefore, many investors and adopter to change regulatory landscape regrading digital assets in Australia.
The chief executive Sydney based bitcoin exchange, Adrian Prezelozny claims that his exchange is getting around 200 news users every day. Notoriously, in July Australia ended its double taxation regime for Bitcoin. Hence, it is accompanying new legislation recognizing Bitcoin as a legitimate means of payment.
Related Coverage: Australian Government is set to Regulate Cryptocurrency Exchanges
Prezelozny attributes enhancing Australian Bitcoin user-base to improvements in the nation’s regulatory.
“The amount of regulatory work in Australia has people feeling much more confident in bitcoin so we’re seeing all different kinds of people investing. This is a global trend too… These kinds of regulations give new investors’ confidence”.
Recently Australia Hosted Its First ICO
The generated ICO investment from more than 15000 participants. Therefore, by the end of September, the Australia Securities and Investments Commission (ASIC) publishes guidelines for companies seeking to conduct ICOs. Since, the guidelines clarify what circumstances ICOs would fall within the regulatory jurisdiction of the Corporations Act. Finally, ASIC declares depending upon the participants of an ICO under regulatory requirement of a managed investment scheme, shares and derivatives.