Since November 2021, Crypto crashes are not a new thing!
Bitcoin has been dropping consistently by a solid 70%. However, this has been seen scrutinizing the USD 20,000 bar with the constant fluctuation. It is not the only currency that faced a smash, Ethereum. However, the next big cryptocurrency has also had an equally hard time maintaining its trading value.
Since this phase of downfall is categorizing as a ‘crypto crash’, the financial regulators of Australia have been prioritizing their efforts. They want to decrease the number of scams happening recently around crypto-assets. They are announcing this on Thursday through their Quarterly statements.
Andrew Bragg, the liberal senator passed an act at the start of the year. However, it never got the intro to the parliament. This proposal includes a couple of reforms including, custody of assets and taxes, Crypto crash licensing through the Digital services act etc.
Regardless of the change of government, the industry consultation was changing and taking advantage of the opportunity. Further, the crypto policy unit of the federal treasury drafted a crypto license and regimen. The regulators also announced that they wished for new laws given the recent interest in stable coins. This development has reached the Australian bank’s influence. They are also working to introduce digital coins as a form of valid payment.