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Cryptocurrency regulatory board boost confidence for Investors in Australia

With the recent of passing a new legislation on the eco-system, Australian Government truly demonstrates a commitment to taking the necessary steps to legitimise cryptocurrencies as an asset class. This suggest that the Government is willing to see the development of this industry as opposed to be against cryptocurrency trading.

That means all Digital Currency Exchange(DCE) Organisation should be up to the standards set by the government regulatory body(Austrac). This will drop the many DCE we have seen emerging in the last few months trying to inflate the prices of Bitcoin.

One of the first organisation to be included in the Australian Government’s Austrac DCE register is CoinTree. Austrac described this as an effort  to “boost consumer confidence in the sector”, ensuring that all cryptocurrency exchanges are operating legally and providing ethical business practices to ensure the safety and best user experience. All exchanges were from  3rd of April, until the next six months to get up to date with the government’s regulations.

“Registering with AUSTRAC and adhering to these new regulations are essential to the progress and strength of the Cryptocurrencies eco-system”.

This is good news for Australian investors, local activity shows confidence in the future of cryptocurrencies. Australian government has passed new legislation that demonstrates a commitment to taking the necessary steps to legitimise cryptocurrencies as an asset class.

We shall see many millionaires in the next 12 months or so.

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