Kraken: Australian authorities hinder development of cryptosphere

by in Cryptocurrency News


The Australian office of the Kraken crypto exchange criticized the policy of the country's authorities.

As Jonathan Miller, representing the company's top management, noted, if regulators introduce licensing of trading floors, business development will slow down.

Australia is among the countries with the largest share of cryptocurrency investors. However, the government and the Central Bank periodically point out the risks of investing in digital assets. In addition, officials promise to strengthen control over market participants.

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Back in October, the Senate Committee on Technological and Financial Development put forward a proposal to introduce licensing of crypto-exchanges. Legislators have prepared 12 proposals designed not only to register trading platforms but also to tax DeFi market participants and regulate the operation of crypto platforms.

Jonathan Miller stressed that tightening controls will hinder business development in this sector of the economy. On the contrary, it is necessary to create the freest regime that will foster competition.

The top manager emphasized: "We have markets with heavy regulation, and we are seeing a collapse of competition there, and the same will happen in Australia."