Australia Warned About Lagging Cryptocurrency Regulation After Trump’s Election

Hey there, crypto enthusiasts! If you’re all about that digital currency life, then you’re in good company. Over the weekend, Sydney saw the gathering of thousands of crypto devotees for what was hailed as Australia’s biggest cryptocurrency event. With 120 speakers and 85 stallholders, the Aus Crypto Convention was buzzing with excitement and anticipation for the future of this unregulated sector.

According to the Digital Economy Council of Australia, around 5.6 million Aussies either own or are interested in purchasing cryptocurrency. However, despite this growing interest, the regulatory landscape in Australia has been described as “stagnant” by industry insiders. With only 40 licensed businesses involved in crypto out of the 400 registered exchanges in the country, there’s a clear need for more concrete regulations to protect consumers and foster innovation.

The recent surge in the price of Bitcoin, following Donald Trump’s reassurance as the “crypto president,” has reignited the debate around cryptocurrency regulation. While ASIC has taken enforcement actions against several crypto businesses for violations of the Corporations Act, there is a growing call for legislative action to provide clearer guidelines for the industry.

One prominent figure in the crypto space, Fred Schebesta, founder of Finder, emphasized the need for regulations that promote innovation rather than stifle it. He likened the current regulatory environment to suing the Wright brothers for attempting to fly a plane without a pilot’s license—an unnecessary hindrance to progress.

But it’s not all doom and gloom in the world of crypto. In the lead-up to the next federal election, a pro-crypto lobby group, backed by exchange platform Coinbase, has emerged in Australia. With plans to advocate for crypto-friendly regulations, this group aims to raise awareness and influence policy decisions regarding digital currency.

While the impact of this lobby group remains to be seen, the conversation around cryptocurrency regulation is undoubtedly heating up. Liberal senator Andrew Bragg has criticized the government for its lack of protections for investors amidst the rise of Bitcoin and the increasing interest in crypto assets.

As we navigate the ever-evolving landscape of cryptocurrency, one thing is clear: the future is uncertain, but the potential for growth and innovation is undeniable. Stay tuned for more updates on the exciting world of digital finance!