Australia is not one of the biggest markets for Bitcoin and other cryptocurrencies, but it is one of the fastest growing countries in the market. In addition, BTC ranks 14th in the world rankings in terms of volume.
In terms of order of publication, the Australian dollar (AUD) has a volume of 276 BTC over a 24 hour period. Compared to Japan, which operates at 30.1404 BTC for 24 hours with a 60 percent dominance, Australia’s market activity seems to take a backseat, but Australia is a big player in the global marketplace.
New foreign currency regulation and licensing
On April 11, the Australian government announced they have new rules for cryptocurrency exchange and concrete plans for implementation through Australian Transaction Reports and Analysis Center (AUSTRAC).
Nicole Rose, CEO of ASTRAC, acknowledged that it would help protecting their activities against money laundering and terrorist financing and also indicated “the regulation will help strengthen public and consumer confidence in the sector at the same time.”
Since entering into force in April, licenses have been issued to three cryptocurrency market. However, AUSTRAC stated that the 14 May is deadline for other stocks in the country to adjust to it.
The Australian stocks show that the government is trying to take control of the cryptocurrencies in the countries. Although these licenses are a concrete proof of cryptocurrency regulation, this shows a positive perspective of Australia on the digital currencies.
Australia takes Japan as an example while proclaiming Bitcoin and other cryptocurrencies as legal tender. It was the first time for Japan to declare Bitcoin legally in March 2016.