Australia is rapidly calculating the number of citizens buying cryptocurrencies. Moreover, bitcoin is much popular in the country compared to precious metals.
Local businesses representing the cryptocurrency industry have expressed their willingness to work strictly within the framework of the current legislation.
According to New South Wales Senator Andrew Bragg, supervisors are currently discussing with entrepreneurs options for cooperation to increase the transparency of the digital currency market.
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The senator said: "To my surprise, I've never seen the industry push for regulation this much. Almost everyone I spoke with in this industry understands that regulation will make the sector safe and transparent"
The politician recalled that over the next 12 months, laws regulating the industry are going to begin to operate in Australia.
The country wants to become attractive to blockchain startups to compete with Singapore and the United States. According to the latest data, up to 25% of Australians own various digital assets.