How Australia Is Becoming A Cryptocurrency Continent: Markets, Regulations And Plans

Australia has been very direct and positive in terms of cryptocurrency regulation and is already implementing some of its bigger plans, like exchange registration.

Exchange regulation and licensingOn April 11, the Australian government, through the Australian Transaction Reports and Analysis Centre, announced tangible plans to implement new rules on cryptocurrency exchanges.

Blockbid, another Melbourne based exchange, became the third of these exchanges to gain an AUSTRAC license, but this comes before Blockbid's upcoming Beta launch, furthering the company's plans to hold a full-scale launch of Blockbid in 2019.As is often the case with governmental regulations of cryptocurrencies, the main aim is to stop money laundering and terrorism financing through cryptocurrencies because of their anonymous and global nature.

Exchanges leading the wayThis latest move by Australia to licence exchanges indicates that the government is trying to get involved and in control of cryptocurrencies in their country.

These licences may be tangible evidence of cryptocurrency regulation, but Australia has built up a positive outlook on digital currencies.

These steps include the Australian Tax Office using data matching and "100-point identification checks" to track down cryptocurrency investors, as well as bilateral tax treaties and anti-money laundering commitments to get more information out of the traditionally anonymous crypto sphere and markets, proving again how thorough, and determined, they are to keep cryptocurrencies in line with their policies.

Disproving the bubble talkIt is all quite obvious why these regulations are good for the Australian government, who are fighting perceived threats of money laundering and terrorist funding, but crypto businesses and the different industries that utilize cryptocurrencies, also are benefiting.

Ryan Taylor, CEO of Dash, a prominent cryptocurrency that has goals of being globally adopted as a speedy payment system, believes that the industry, as it stands, is hungry for cryptocurrency regulation, and with exchanges in Australia now being given guidelines, there can be no more confusion.

Dash may be based in the USA, and have a strong presence in Europe, with many master nodes based there, but positive cryptocurrency regulations play a big role globally, as digital currencies are global systems.

Australia has decided that there is a lot of potential in cryptocurrency.