Crypto Regulation is Among Australia’s New PM Primary Concerns (Report)

Australia’s newly-elected Prime Minister – Anthony Albanese – reportedly has three top issues to deal with it as the new leader of the country. These include battling climate change, reducing the cost of living, and imposing comprehensive rules on the cryptocurrency industry.

Crypto Included as a top Priority

The Australian Labor Party won the government elections and will try to guide the nation through the economically turbulent times ahead. For his part, the leader of the political group – Anthony Albanese – became the country’s next Prime Minister.

According to a Bloomberg report, the new cabinet will have three main issues to solve: climate change (massive fires and floods often ravage Australia), the galloping inflation (similar to many other countries, the cost of living rises nearly every month), and implementing regulations on the local cryptocurrency sector.

Caroline Bowler – Chief Executive Officer of BTC Markets – revealed that the newly-elected government will continue the work of the previous one and create a regulatory bill focused on digital assets.

In her view, the authorities’ “primary concern” will be to apply appropriate rules in the space but at the same time “leave room for innovation.”

“There is a real opportunity for the government to assist with innovation and support it, relating to the significant role that financial services play in the Australian economy, but also its position globally,” Bowler concluded.

Australia’s Crypto Plans for 2022

At the end of last year, the Australian politician and Federal Treasurer – Josh Frydenberg – said the country will aim to apply a “comprehensive payments and crypto-asset reform plan” in 2022. The legislation, expected to be the biggest in the last 25 years, should create a better ecosystem for domestic investors and establish rules for digital asset-providing companies.

“For consumers, these changes will establish a regulatory framework to underpin their growing use of crypto assets and clarify the treatment of new payment methods,” Frydenberg explained.

The Federal Treasurer particularly touched upon cryptocurrency exchanges. He argued they should have the same regulations as banks since they hold “significant sums of peoples’ money and investments, and there needs to be accountability.”

Earlier this month, the Australian Taxation Office (ATO) disclosed monitoring cryptocurrency taxation rules will be among its key tasks this year. The watchdog expects more Aussies to record capital gains or losses in their annual tax returns due to their increased interest in the digital asset sector.

Meanwhile, the ATO advised traders to report accurate capital gains on their cryptocurrency transactions. Otherwise, the regulator will impose tax penalties on those who bypass the rules.

Featured Image Courtesy of The Guardian