Australia has always been a potential market for crypto investors. However, their government was reluctant to interfere in the matter for so long. However, recent times have made the government sit up and take notice of the ongoing situation of the crypto world. The world of crypto, as we used to know it, has changed rapidly. The recent trends in the market have given the otherwise successful company several reasons for headaches. The past few months have been disastrous for every crypto company out there. Most companies have incurred a significant amount of loss.
Even the likes of Bitcoin and ETH have had reasons to be worried about. The impact of the downward trend was so much prominent that companies like Coinbase and Coinflex were compelled to take some harsh decisions. While Coinbase declared itself on the verge of bankruptcy, Coinflex announced a huge cut on the number of staff.
All such incidents have made the investors significantly worried about their investment opportunities in the market. Apart from the downward trend, most companies have also encountered numerous attacks on their coins. The government of Australia has thus, finally decided to take matters into its own hands. A recent announcement stated that from now on, new rules would be implemented for the crypto dealings in the country. Let us learn more about the story in detail below.
Australia Government To Protect Consumer Interests
Australia is seriously considering the safety of its customers in the crypto world. In a recent statement issued by the treasurer, Jim Chalmers, it was mentioned that significant reforms are about to be implemented in the crypto dealings in Australia. The government promised to upscale the security and protect the customers from fraud.
The government of Australia has planned to implement a licensing framework for every service provider of cryptocurrency in Australia.