Blockchain & Cryptocurrencies Regulation Index 2018. Country Report: Australia
Australia. Index score: 7.82. Country Rank: 2. Rather Enabling Environment.
The Australian regulators turned their attention to cryptocurrencies and blockchain technology quite early. As early as at the beginning of 2014, the Australian Taxation Office and the Australian Transaction Reports and Analysis Centre (AUSTRAC) reported that they were exploring the possibility of regulating cryptocurrencies in taxation and combating money laundering and financing of terrorism. In 2017 new regulation resolving double taxation of cryptocurrencies problem came into effect. As well in December 2017, the Parliament adopted amendments to the legislation on combating money laundering and financing of terrorism. From that moment on, crypto exchanges had to obtain licenses for their activities from the Australian Transaction Reports and Analysis Centre (AUSTRAC).
The Australian state encourages the use of blockchain technology in various areas (for example, transport and social payments). Overall, the history of the development of blockchain and cryptocurrencies in Australia shows a stable and lenient attitude towards them from local regulators.
The Australian regulators turned their attention to cryptocurrencies and blockchain technology quite early. As early as at the beginning of 2014, the Australian Taxation Office and the Australian Transaction Reports and Analysis Centre (AUSTRAC) reported that they were exploring the possibility of regulating cryptocurrencies in taxation and combating money laundering and financing of terrorism. In 2017 new regulation resolving double taxation of cryptocurrencies problem came into effect. As well in December 2017, the Parliament adopted amendments to the legislation on combating money laundering and financing of terrorism. From that moment on, crypto exchanges had to obtain licenses for their activities from the Australian Transaction Reports and Analysis Centre (AUSTRAC).
The Australian state encourages the use of blockchain technology in various areas (for example, transport and social payments). Overall, the history of the development of blockchain and cryptocurrencies in Australia shows a stable and lenient attitude towards them from local regulators.
HISTORICAL BACKGROUND
POLITICAL ENVIRONMENT
Head of state
Parliament
Government of Estonia
Central Bank
Banks
Courts
Associations
LEGAL ENVIRONMENT
Regulatory Convergence
Definiteness of Legal Regulation
Regulation of the cryptocurrency business
Stability of Legal Regulation
Adequacy of Legal Regulation
Situation With the Rule of Law
INFRASTRUCTURE ENVIRONMENT
POLITICAL ENVIRONMENT
Head of state
Parliament
Government of Estonia
Central Bank
Banks
Courts
Associations
LEGAL ENVIRONMENT
Regulatory Convergence
Definiteness of Legal Regulation
Regulation of the cryptocurrency business
Stability of Legal Regulation
Adequacy of Legal Regulation
Situation With the Rule of Law
INFRASTRUCTURE ENVIRONMENT
