Australian exchanges dispel debanking fears amid Binance saga, but risks loom
Australian crypto exchanges report no problems with their payment providers, but the lack of local laws means more debanking incidents can’t be ruled out.
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Značka: Swyftx
1M Aussies will enter crypto over the next 12 months — Swyftx survey
Approximately one million Australians will purchase cryptocurrency for the first time over the next 12 months — bringing total crypto ownership in the country to over five million — according to a newly released survey.The findings came from the second Annual Australian Crypto Survey by Australian crypto exchange Swyftx, which was conducted by research firm YouGov.The survey questioned 2,609 Australians over 18 years of age in early July, with 548 of the survey sample identified as current holders of cryptocurrency.The report stated that despite the current “Crypto Winter” which has seen approximately $2 trillion in assets wiped from the digital assets market over the course of the last year, Australian crypto ownership has grown 4% year-on-year, reaching 21% in 2022. According to the report, this figure is set to increase by another one million new crypto owners in 2023, while at least one-quarter of Australians are planning to buy crypto over the next 12 months, with Millenials, Gen Zers, Aussie parents, and those in full-time work most likely to buy. Source: Annual Australian Crypto Survey, SwyftxThis finding is broadly in line with recent data from a bitcoin processor suggesting the crypto winter isn’t holding back widespread adoption and comments from crypto exchange CoinJar’s head of content Luke Ryan claiming that sports sponsorship is helping legitimize crypto in Australia.Commenting on the bullish figures for crypto adoption and ownership, Swyftx’s Head of Strategic Partnerships, Tommy Honan told Cointelegraph: “On the basis of current growth trajectories in the use of digital assets, we expect half of the adults under 50 in Australia to own or have owned crypto within the next one to two years.”However, Honan said there were also a lot of variables that make forecasting adoption “fiendishly difficult,” adding: “The expectation is that we’ll see crypto move into the regulated space next year and, all other things being equal, you’d expect that to trigger growth in adoption, but it isn’t a given.”Honan said the rate of adoption may slow over the next 12 months before recovering again as market conditions improve. “The bear market has knocked confidence […] Confidence can take the stairs up and the lifts down, so we are going to have to wait and see how quickly the market takes to stabilize,” he noted. According to the survey, lack of sound regulation was revealed as the biggest deterrent to investing in crypto for those who have not yet done so, along with a lack of knowledge about how crypto works, and overall market volatility. Related: Institutional investors headed for a tipping point on crypto — Apollo CapitalThis finding is reinforced by recent comments from the former head of risk at Credit Suisse CK Zheng, who believes the next crypto bull run will be a result of “regulatory clarity” in the United States.In a comment to Cointelegraph Swyftx co-CEO Ryan Parsons said the report shows there’s clear demand among Australians to purchase and use crypto, but that a “material factor” for crypto hesitancy remains regulation. “The drumbeat for defined rules is growing and it will continue to grow if adoption of digital assets increases at its current rate. As this report shows, there’s clear demand among Australians to purchase and use crypto. It is imperative we meet this demand responsibly.”
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Aussie exchange Swyftx cuts staff by 21% amid bear market
Australian crypto exchange Swyftx has had to lay off 21% of its staff to lower costs as it wades through the current bear market. According to an Aug. 17 note from co-CEOs Alex Harper and Ryan Parsons stated that 74 colleagues had to be let go, as the current economic climate that they were hired in has shifted dramatically to what it is today: “As you’re all aware, we are operating in an uncertain business environment, with levels of domestic inflation not seen in over two decades, rising interest rates, highly volatile markets across all asset classes, and the potential for a global recession.”“We want to be very clear that impacting our teammates in this way is a last resort and is not, in any way, a reflection of the talent or commitment of those individuals,” they added. A spokesperson from Swyftx explained the decision a little further to Cointelegraph, noting that “this was a hard decision but a prudent one that ensures our costs are compatible with this extended period of economic uncertainty.” “We are deeply grateful for everything the team members who are leaving us have done and we’re working to support them through this extremely hard period,” they said. Swyftx joins a long list of crypto firms to have suffered growing pains as a result of the hefty downward trend in crypto this year, with U.S. exchanges Coinbase and Gemini both slashing their headcount by 18% and 20% over the past couple of months.In June, the crypto exchange announced it will be merging with the Australian online investing platform Superhero as part of a $1.5 billion merger which is expected to complete around mid-2023. At the time, Superhero co-founder John Winters said that the two platforms will operate independently of each other and that no job losses are expected as part of the merger. Related: Crypto ad spending may be down, but awareness remains critical: ExpertsThe announcement also follows a major employee cull from Singapore-based exchange Crypto.com which laid off 260 people in June equating to 5% of its employee base. According to various unconfirmed reports online this week, the figure could be as high as 1,000, although it’s worth noting that this information was supplied by unnamed sources that claim to be close to the matter.
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Experts reveal what Tesla's $936M sell-off means for Bitcoin
Crypto industry experts are largely unfazed by Tesla’s decision to sell 75% of its Bitcoin (BTC) holdings, saying it’s a fairly typical strategy for companies to improve cash flow during economic slowdowns. On Wednesday, the electric vehicle manufacturer revealed that it had sold 75% of its Bitcoin holdings in Q2, adding $936 million in fiat to its balance sheet. During a conference call, Tesla CEO Elon Musk noted that the sale “should not be taken as a verdict on Bitcoin,” explaining that the move was due to liquidity concerns given the continued Covid lockdowns in China. “The reason we sold a bunch of our Bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximize our cash position.”“We are certainly open to increasing our Bitcoin holdings in the future.” Asked by investors during the earnings call whether he saw Bitcoin as a long-term asset, Musk said the cryptocurrency was a “sideshow to the sideshow” of Tesla’s main goal, which is “to accelerate the advent of stable energy.” “Cryptocurrency is not something we think of a lot,” he said. Markus Thielen, chief investment officer at Singapore-based digital asset manager IDEG told Cointelegraph that Tesla likely sold off its Bitcoin as it was “seen as a distraction from their core business.”“I would not be surprised if Tesla keeps nibbling in Bitcoin when Bitcoin stabilizes, otherwise they would have sold 100%.”Comparison site Finder’s share trading expert Kylie Purcell explained that the electric car manufacturer hasn’t been alone in its decision to “shore up capital in cash currencies.”“With the world heading into an economic slowdown and possibly a recession, it’s not unusual for investors and companies to move capital away from more volatile assets into fiat currency,” she noted. She also added that while the price of Bitcoin dipped following the announcement, there are already signs of recovery. On Wednesday, Bitcoin’s price fell approximately 2.6% following Tesla’s announcement and has returned to $23,299 at the time of writing — tracking close to its one-month high, meaning that the crypto community may not have been too concerned by the announcement. So Tesla has already sold off their inventory, appears to have mainly done so to maintain positive cash flow (non bitcoin-centric reasons), and still has 25% of their BTC. Maybe I’m coping but seems like a nothingburger.— Will Clemente (@WClementeIII) July 20, 2022The muted reaction to the sale played out differently to the announcement in February last year that Telsa had scooped up $1.5 billion in BTC to add to its balance sheet and was planning on accepting Bitcoin as payment for certain products (though this was later scrapped). The news at the tim saw Bitcoin’s price immediately jump by almost $3,000, bringing the cryptocurrency to a new all-time high above $43,000.Related: Bitcoin price dips under $23K after earnings report reveals Tesla sold 75% of its BTCSwyftx’s head of strategic partnerships, Tommy Honan told Cointelegraph that Tesla’s decision to buy Bitcoin last year was “as important a moment as you can imagine for digital assets.”“It almost gave other businesses permission to put crypto on their balance sheets and we saw a lot of big institutional investors, as well as small and mid-cap companies flood into the market from that point.”“Musk said the sale wasn’t a verdict on Bitcoin, just a cash play, and it looks like the market has taken him at his word. Bitcoin’s price has stabilized over the last 24 hours and we’d be surprised if other big investors followed suit, especially given the current price of Bitcoin.”
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Aussie FPA supports 'crypto rule book' and regulation of exchanges
The Financial Planning Association of Australia (FPA) has shown its support for the “crypto rule book” idea and called for regulating exchanges instead of crypto assets.In May, the Australian Law Reform Council (ALRC) proposed to tackle crypto regulation through a rule book-style framework which sets out a series of gradually updated compliance principles for local crypto firms to adhere to. The comments came via a submission to the Treasury by FPA’s head of policy, strategy and innovation, Ben Marshan, who also argued that the regulation of crypto exchanges should fall under the current financial services regime and not under a new separate legal framework. “Firstly, it would create an alternate, duplicate regulatory regime to regulate what at the core is the purchase and holding of a financial asset to either retail or wholesale investors.”“Secondly, it would require existing financial service licensees to apply for and hold a separate type of license, adding to cost and regulatory duplication,” he added. Mashan also emphasized a need to roll out greater consumer protections for local Australian crypto users and highlighted that regulating secondary providers (crypto exchanges, brokers etc.) is the best way to do this.“The regulation of a financial product or service should not depend on the technology which underlies the asset,” he said, adding that “it would be virtually impossible to regulate the product because it’s so decentralized, they’re in all sorts of foreign jurisdictions.”Focusing regulation on crypto service providers will remove a lot of “complexity” from the equation given the rapidly evolving nature of blockchain tech and crypto, argued Mashan, adding that the ALRC’s crypto rule book idea for firms to follow “makes sense.” “It makes it a lot easier because instead of having to work your way through thousands of pages of the Corporations Act people can go to a specific section, and it’s much more efficient.”Speaking with Cointelegraph, Ryan Parsons, the co-CEO of local crypto exchange Swyftx, echoed the calls from Mashan and noted that his firm wants to see “sensible measures that support consumer protections” enacted soon so that Australia doesn’t risk falling behind the United States and European Union: “Our preference is for crypto platforms to operate within the existing financial services licensing framework, albeit in a way that accounts for the unique characteristics of digital assets.”“We think this is the best way to reduce complexity and cost, as well as build confidence in crypto as an asset class among Australian investors,” he added. Related: Chainalysis tips Australia will crack down on misleading crypto adsAnother key idea highlighted in the ALRC’s report was to introduce the Twin Peaks regulatory model, in which regulation is split between one entity that is tasked with overseeing the maintenance of financial system stability while the other takes care of institutional market conduct and consumer protection. The same model is used in Australia’s financial regulatory system, with the Australian Securities and Investments Commission (ASIC) in charge of good market conduct and consumer protection, while the Australian Prudential Regulation Authority (APRA) is responsible for financial system stability. Since the Liberal party was emphatically booted out of government in May, the regulatory landscape of crypto in Australia has become uncertain as the Labor party appears to have other fish to fry. As it stands, Labor is yet to provide any concrete initiatives but has outlined that introducing greater consumer protections in crypto will be a key area of focus.
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BTC Markets becomes first Australian crypto firm to get a financial services license
Australian-based cryptocurrency exchange BTC Markets has become the first crypto company in the country to gain a financial services license.The license was issued by the country’s financial regulator, the Australian Securities and Investments Commission (ASIC), to BTC Markets’ sister company BTCM Payments. We have an exciting announcement to make: BTC Markets is the first Australian crypto exchange to successfully go through the full AFSL application process via our sister company, BTCM Payments!✅AFSL attained✅ISO Certified✅SOC 2 on the way!#crypto #bitcoin #finance— BTC Markets (@BTCMarkets) June 21, 2022An Australian Financial Services (AFS) license allows the holder to give advice, deal in, and create a market for a financial product. It also permits the provision of custodial or depository services, amongst other perks.While crypto and digital asset companies don’t require an AFS to provide services due to the lack of regulation in the country, BTC Markets says the move allows it to more closely bridge the gap between traditional finance and crypto while offering new products to its customers.It marks the end of an almost two-year wait for the firm for the AFS license, which was registered in August 2020.BTC Markets has certification from the International Organization for Standardization (ISO) for information security management and is certified by the country’s crypto industry body, Blockchain Australia.BTC Markets CEO Catherine Bowler said the license would prepare her exchange business for what she believes is impending regulation and complements its progress in obtaining a System and Organization Controls (SOC) 2 certification.Related: Binance Australia CEO: Regulations will establish higher standards in cryptoBTC Markets has established itself as a key player in the Australian crypto industry with $US4.7 million in daily volume, according to CoinGecko. In February, the exchange signed a deal with the stock market trading platform SelfWealth to offer SelfWealth users access to trade Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Chainlink (LINK), and Uniswap (UNI) from June 30.Other exchanges have followed suit. Earlier this month, Australian crypto exchange Swyftx completed a $1.5 billion merger deal with online stock market investing platform Superhero.
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Crypto-stock trade pairs in the cards as Swyftx inks $1.5B merger with Superhero
Australian crypto exchange Swyftx wants to eventually offer seamless trading between traditional and crypto-asset classes, with its first step being the completion of its $1.5 billion merger deal with online investing platform Superhero. The deal to combine the two was revealed on June 8, with the merged entity set to become the first in Australia to offer both decentralized and traditional finance. We’re teaming up with equities trading platform & fellow Aussie fintech @superheroaus, to give you the opportunity to invest in digital and traditional assets – all in one place! Official announcement here https://t.co/ygmeaS3wuq pic.twitter.com/Ivhsa2lybI— Swyftx (@SwyftxAU) June 7, 2022Speaking to Cointelegraph on Wednesday, Swyftx co-CEO Ryan Parsons revealed that one of its longer-term goals is to explore “greater interoperability between asset classes.”“You can imagine customers trading their Bitcoin or other digital assets for equities in listed companies like Tesla, and vice versa.”Parsons said that its first priority will be to work with regulators and set up appropriate customer protections:“But it’s important to be clear that we’re working through all the regulatory requirements in what is already a quickly evolving regulatory landscape. We’re extremely keen to ensure that whatever we do, is done properly with appropriate customer protections in place.”Related: Aussie consumer group calls for better crypto regs due to ‘lagging laws’While the merger news appeared to come without any prior warning, Parsons said it was “no surprise” that a number of equity trading platforms have been looking to offer crypto trading and vice versa, and that discussions with Superhero about a merger had been underway for several months prior:“The two teams have been actively talking for a few months, with the merger following out of initial discussions around the potential for a crypto-equities partnership opportunity. It just made more sense to join forces than to be partners.”Co-founded by Alex Harper and Angus Goldman in 2018, Swyftx is an Australian crypto exchange, offering 320 digital currencies and crypto interest-earning products. The company’s exchange saw a banner year in 2021, growing its investor base by nearly 1,200% to over 600,000 retail and corporate investors.Superhero, an online broker, was founded in the same year, but launched only in late 2020. Over the last 12 months, the company has grown its investor base by more than 600% to over 200,000 investors, allowing them to trade Australian and U.S. stocks, as well as manage their Superhero superannuation (Australia’s version of 401K) a product launched in July 2021. In a statement on June 8, Swyftx said the completed merger would create a combined customer base of 800,000 when it’s completed around mid-2023. The combined platform will allow customers to trade and invest across cryptocurrencies, equities and superannuation. Later, Parisons said the company wants to build out its product offerings, which could include banking-type services or other traditional finance products and services.Following the merger, Swyftx co-founder Alex Harper and current Swyftx CEO Ryan Parsons will become co-CEOs of the combined entity. John Winters will head up the traditional financial services arm and take a position on the board of directors. Winters told the Sydney Morning Herald on Tuesday evening that there was a possibility of listing the combined entity on the Australian stock exchange once the merger is tied off, but said there would be “a lot of work to be done before we get to that stage.”Winters stated that, for the time being, the two platforms will continue to operate independently of each other, and no job losses are expected as part of the merger.
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Fed money printer goes into reverse: What does it mean for crypto?
The Federal Reserve is starting the process of paring back its $9 trillion balance sheet that ballooned in recent years in a move called Quantitative Tightening (QT). Analysts from a crypto exchange and financial investment firm have conflicting opinions about whether QT, starting on June 1, will put an end to a decade of unprecedented growth across crypto markets.The worst part about this is that I would imagine ~80% of Americans have no idea what QUANTITIVE TIGHTENING is Why would we, this wasn’t taught in public school The SEC should worry about educating Americans on these terms as I believe that’s part of “PROTECTING” us https://t.co/Z8RwUNPJwF— WendyO.eth ✨ (@CryptoWendyO) May 31, 2022Laypeople can consider QT the opposite of Quantitative Easing (QE) or money printing which the Fed has been engaged in since the start of the Covid-19 pandemic in 2020. Under QE conditions, more money is created and distributed while the FED adds bonds and other treasury instruments to its balance sheet.The Fed plans on shrinking its balance sheet by $47.5 billion per month for the next three months. In September of this year, it plans on a $95 billion reduction. It aims to see its balance sheet reduced by $7.6 trillion by the end of 2023.Bitcoin has never once in its history been in a bull market while the Federal Reserve did quantitative tightening. Smart whales spent the last 12+ months dumping their bags on dumb retail. The mega crash is inevitable!— CryptoWhale (@CryptoWhale) May 4, 2022
Pav Hundal, manager at the Australian crypto exchange Swyftx, believes that QT could have a negative impact on markets. He told Cointelegraph on Wednesday that “It’s very possible you might just see growth in market cap trimmed slightly.”“The Fed is culling assets harder and faster than a lot of analysts had expected and it’s difficult to imagine this won’t have some kind of impact on investor sentiment across markets.”Initiated in March 2020, the impact of QE on the crypto market was dramatic. CoinGecko data shows that the crypto market cap languished through 2019 and early 2020, but a vibrant bull market began in late March 2020 as the money printer fired up. The total crypto market cap burst from $162 billion on March 23, 2020, to a peak of just over $3 trillion last November. Over a similar time frame, the Fed balance sheet increased 2.1 fold from $4.17 trillion on Jan. 1, 2020, to $8.95 trillion on June 1, 2022. That is the fastest rate of increase since the last global financial crisis starting in 2007.Related: UN agency head sees ‘massive opportunities’ in crypto: WEF 2022Financial advisory firm deVere Group CEO Nigel Green believes market reactions to QT will be minimal because “it’s already priced in.” Green said there may be a “knee-jerk reaction from the markets” because of the unexpected speed with which QT is being rolled out, but he sees it as a little more than a wobble.“Furthermore, we expect a market bounce imminently, meaning investors should be positioning portfolios to capitalise on this.”Wage increases among American workers, especially in the hospitality industry, have already been observed as labor demand remains high. Assuming wages remain high through QT, the US may emerge from the economic downturn with lower income inequality. Crypto market analyst Economiser explained in a May 31 tweet that if people wind up with more cash in their pockets from their higher wages, “the crypto market could ultimately benefit” from QT.Wage equality:Interestingly, the highest wage growth is in the hospitality & retail sectors.This could mean that the US comes out of this economic downturn with ↓ income inequality.And if more people have disposable income, the crypto market could ultimately benefit. pic.twitter.com/J3DQ2DwnDZ— Economiser (@economiserly) May 30, 2022
Swyftx’s Hundal added that while markets are experiencing increased volatility lately, Bitcoin (BTC) could benefit as it is now demonstrating its position as a bellwether asset. He noted that Bitcoin dominance is currently at about 47%, up by eight percentage points from the start of 2022. He said, “There are different ways to interpret this,” adding:“It does suggest that market participants are seeking to park value in Bitcoin, meaning we could see weakness continue to trend across alt coin markets if current market conditions continue to play out.”
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Swyftx signs major sponsorship deal with Aussie National Rugby League
Brisbane-based crypto exchange Swyftx has penned a major three-year sponsorship deal with the Australian National Rugby League (NRL).Swyftx is registered in Australia and New Zealand and offers trading services for around 300 digital assets. The firm was founded in 2018 and the NRL deal marks another major milestone for promoting the local crypto and blockchain sector to sports fans, with the Australian Football League women’s competition already signing with Crypto.Com for $25 million over five years. The latest deal will cover NRL, Women’s NRL (NRLW), State of Origin and All-Star games. There is also an option for a fourth-year extension to the end of 2026. Swyftx’s branding is set to be featured on LED signage in stadiums and virtually via TV broadcasts, while its name will also be displayed on the NRL’s in-game review and decision board which is set to be named the “Swyftx Bunker” in 2023.Swyftx CEO Ryan Parsons told Cointelegraph that Australia is “witnessing an almost overnight mainstreaming of crypto” as he emphasized the significance of the deal: “The partnerships we’re seeing at the moment represent a sign of growing confidence in the future of crypto and its potential for universal adoption. The real question now isn’t whether cryptocurrency is here to stay, but how quickly it reshapes the future of the global economy and traditional financial services.”Questioned on why crypto exchanges such as Swyftx, Crypto.com and FTX actively seek out sporting partnerships, Parsons outlined that the “mass appeal of sport means it’s a hugely important way for exchanges to announce themselves” and obtain mainstream recognition from the traditional finance sector. “Exchanges are effectively saying that ‘we’re here and we’re supporting people to embrace new technologies and opportunities,’” he said.Related: Crypto at the Olympics: NFT skis, Bitcoin bobsledders and CBDC controversyMoving forward in 2022, Parsons stated that he expects the crypto sector to take market share from banks and traditional finance :“We saw that process begin in 2021, it’ll only extend and deepen into this year as you get more product offerings into the market that provide hyper-competitive alternatives to existing bank products.”The CEO stated that crypto is no longer a niche topic in Australia, and that the target demographic is becoming harder to define as the market sees rapid adoption by all kinds of people across the country. “We’re also seeing a shift in demographic reach so you can no longer really point to a ‘typical’ crypto owner in the country. Our expectation is that regulation could accelerate this process, especially in terms of business adoption. But it really does depend on the form the regulation takes,” he said.
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Australian government gives nod to 6 world leading crypto reforms
The Australian government is seriously consider the rollout of central bank digital currency (CBDC) and has backed numerous forward-looking regulatory crypto-proposals as part of a new “payments and crypto reform plan.”Treasurer Josh Frydenberg says the reforms “will firmly place Australia among a handful of lead countries in the world.”The reform plan is said to be the biggest shake-up of the Australian payments system since the 1990s, with part of the crypto-related groundwork set by the innovative proposals put forward by an Australian Senate Committee in September. According to the Australian Financial Review, the government is in favor of six out of nine reforms proposed by the Senate Committee, including a licensing regime for crypto exchanges, laws to govern decentralized autonomous organizations and a common access regime for new payments platforms. Two proposals relating to tax and financial compliance have been referred to their respective government bodies for consideration, while the government has knocked back another proposal related to renewable energy Bitcoin mining tax discounts. MD @ChloeWhiteAus quoted in the AFR on crypto regulation. The article includes a helpful summary table of the Government’s response to recent crypto proposals, signalling the path forward on regulation in Australia See more: https://t.co/q9ZLuf4r4b pic.twitter.com/ZxmiwoDdjQ— Genesis Block Advisory (@GenesisBlockAus) December 7, 2021Treasurer and deputy leader of the Liberal Party Josh Frydenberg outlined the government’s plans for crypto regulation, taxation and CBDCs in a speech today at the Australia-Israel Chamber of Commerce (AICC). “What is clear is that if we embrace these developments, Australia has an enormous opportunity to capitalize on the convergence between finance and technology,” he said. Concerning CBDCs, an unnamed senior government source told The Australian on Dec. 7 that a retail scale “RBA [Reserve Bank of Australia] backed Bitcoin or cryptocurrency” is currently being considered, and will be a key element of the government’s regulatory reform on digital payments. During his AICC speech, Frydenberg spoke bullishly on the crypto asset reform:“For businesses, these reforms will address the ambiguity that can exist about the regulatory and tax treatment of crypto assets and new payment methods. In doing so, it will drive even more consumer interest, facilitate even more new entrants and enable even more innovation to take place.” “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,” he added. One Senate committee proposal the government looks set to ignore is the 10% tax discount for Bitcoin (BTC) miners who use renewable energy. Michael Harris the head of corporate development at local exchange Swyftx, told Cointelegraph:“We think this was a political consideration. The reality is that it’s probably going to be difficult for any government to segregate out an industry like BTC mining from other energy consumers, however laudable the intention.”However Harris said that overall the “noises coming out of government at the moment are promising” as the government seems to have recognized the need to introduce consumer protection laws without stifling innovation. “The devil will be in the detail though and we are especially keen to avoid a system that reduces customer choice by stacking the decks in favor of big, traditional financial players.”Related: Australian women owning crypto has doubled in 2021: SurveyCrypto-friendly senator Andrew Bragg, who drove the recent crypto proposals, told Cointegraph in a statement that Frydenberg’s crypto and fintech reform plan will put “Australia on the tech map”: “Australia will be a world-leading crypto hub under the Treasurer’s plan. Australian consumers will also benefit from new consumer protection rules.”“The world is watching Australia which is now setting the global standard for crypto, payments and digital wallet reform,” he added. Caroline Bowler, the CEO of local crypto exchange BTC markets welcomed the reforms, calling them a “major step forward to upgrade Australia’s one-size-fits-all regulatory framework in real-time.” “It’s great to see that the gaps in Australian regulation relating to digital financial products and the exchanges who support them are being finally addressed at the highest level of authority, and the Coalition Government is not shying away from the big issues surrounding crypto, payments and de-banking,” she said.
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