The Australian government has been supportive of cryptocurrencies. The government had been trying to make the environment as fostering as possible. Where regulators throughout the globe are moving towards increased cryptocurrency and blockchain regulation, the Australian regulators may be moving in the opposite direction.
Australian senator Andrew Bragg appeared on Sky News where he stressed the need for strict regulation of the cryptocurrency sphere. The senator is also chairing a senate inquiry into Bitcoin and other cryptocurrencies. He is adamant on increased monitoring of the industry in order to protect consumers.
The senate inquiry has announced to study the regulatory framework of the cryptocurrency sphere in countries like the United States, Canada, EU, and the United Kingdom in order to be able to evaluate the Australian crypto policies. The policies of Australia on cryptocurrencies are said to need more clarification.
The Australia Securities and Investment Commission (ASIC) has been trying to create a fostering environment for blockchain innovation. The Australian government has been supportive of cryptocurrencies and grants up to $3 million had been issued for blockchain firms working towards mineral certification and excise tax solutions.
The Australian blockchain industry had been vocal about the lack of regulation as well. At the Australian Blockchain Conference held in mid-April, the ASIC representative Jonathan Hatch did not receive any positive response from crypto industry leaders. Executives urged that the ASIC study the blockchain technology and the cryptocurrency market more deeply in order to be able to understand the ins and out and better regulate it. While others commented on how ASIC may be stifling growth and innovation in the sector because of its proactive regulating role.