Australia’s government plans to define laws regulating the crypto sector and seeks feedback from businesses and individuals.
Related: Australian Regulator Sued Meta For Deceptive Crypto Ads
According to a report by the Australian Financial Review, the Commonwealth authorities aim to explore new rules that will help Australia be a part of the growth of Web3. The Treasury views the new form of the internet that would allow creating new jobs and increase economic revenue through taxes.
Australian politician, Minister the Digital Economy Jane Hume said in her speech at the Blockchain Week that the goal of the bill is to ensure that users can trust the platforms they use to trade crypto, supporting innovation.
As part of the regulations, Australia is looking for feedback on rules to address banks that refuse to do business with emerging technological companies. Jane Hume said she prefers free and competitive markets, and Web 3 will address the centralisation problems and offer alternatives.