With the crypto markets crashing and terrible macroeconomics headwinds, one country has pledged to make crypto regulations unlike “anywhere in the world”.
Is it The Untied States? Dubai? Korea?
Instead of these known tech giants, Australia has been making waves recently, pushing for proper regulation, consumer protection, and mass adoption.
The Australian Whitepaper
Earlier this year, The Australian Prudential Regulation Authority laid out a wider roadmap for crypto-related activities.
To be completed by 2025, it would be a framework for security, safety, and even stablecoins incorporation. With 18% of Australians owning some form of cryptocurrency, the hands-off approach was well received especially given the current CeDeFi collapse.
Furthermore, while other countries constantly debate on crypto ETFs, Australia has approved both a Bitcoin and Ethereum SPOT ETF. This allows institutions and equity markets exposure to crypto, without the risk of handling a wallet.
Since then, the Australian government has pushed for better education and protection via “token mapping”.
Instead of simply sanctioning tornado cash, they are taking the time to understand the crypto markets before jumping in.
“Australians are experiencing a digital revolution across all sectors of the economy, but regulation is struggling to keep pace and adapt with the crypto asset sector“Jim Chalmers, Australian Treasurer
As part of the token mapping, the government will identify nuances in the crypto markets, and adapt regulation and services towards those features.
Mass Adoption Down Under
While most crypto-friendly countries are still trying to market “mass adoption”, Australia has just gone ahead and done it.
In a partnership with Crypto.com, Australian tech companies Datamesh Group and OTR launched in-store crypto payments across more than 400 retail outlets.
Through the exchange, businesses are able to get instant crypto-to-fiat off ramps, cutting out the delayed transactional times associated with such payment methods.
Furthermore, leading organizations in Australia are creating NFT projects, allowing their communities to support them.
This includes the Australian Zoo, which has partnered with Algorand to launch NFT badges of honor. Similar to sponsoring an animal, they reward donors with NFTs, and use the funds to rehabilitate wildlife and conduct research.
Crypto natives have been calling for regulation for years – to both protect and educate users from the risks associated with the space.
However, we may have been taking cues from the wrong thought leaders all this while. Labelling crypto as a “money-laundering service” or only for “criminal activities” has been pervading regulatory thoughts for years.
Australia has acknowledged the inevitability of Web3.0, and embraced the adoption wholeheartedly. By leveraging the technology and existing infrastructure, they may very well be the role model for other nations to follow in the future.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chaindebrief