2022 seems to be an important year for the cryptocurrency industry in the continental country of Australia. Josh Frydenberg, Chief Financial Officer at the Australian Government, who evaluated reforms in many issues related to the crypto sector, stated that the reforms could put Australia among the countries leading the world.

While Frydenberg said that the adoption of reforms, including his plans for cryptocurrencies, is important in terms of connecting technology and finance in the country, he sees such an adoption as a historic opportunity for Australia. Josh Frydenberg claimed that if the reforms are successful, Australia will have a solid place among the world's leading countries.

Australia Could Be a Guide to Other Countries in the Cryptocurrency Space

The reform plan, which is seen as the biggest change in Australia since the 90s, also includes some regulations regarding cryptocurrencies. It is planned to expand the product and service network with crypto money regulations. This draft reform, proposed by the Australian Senate in September, has now received the approval of many.

The reform package that the Australian government will consider includes reforms related to the crypto industry such as:

  • Licensing of crypto exchanges,
  • Inclusion of DAOs (decentralized autonomous organizations) within the scope of the law
  • Modernization of the payment system

If these reforms related to cryptocurrencies can be implemented in Australia, the country will also have the feature of being a guide for other countries in the world. In addition, the secure environment of cryptocurrencies, which Australians show great interest in, may further increase the use of these assets.

They Don't Take Kindly To Bitcoin Mining

According to the reported news; Apart from these issues to be discussed, the Australian government does not take kindly to another item, Bitcoin mining. The issue of tax deductions for Bitcoin miners using renewable energy, a proposal by a Senate committee, seems to be out of consideration yet.

In such a large-scale economy, it is thought that the implementation of a new payment system integrated with cryptocurrencies and the crypto regulations to be made in a plain language will be extremely beneficial for the healthy development of the industry.