To protect consumers, Australia has introduced new regulations for cryptocurrenc

[Cookdata]

Like it or not, that might happen in the future, where the government will increasingly tighten its regulations to "protect consumers" from scamming.

Lol. Sorry for the loud laugh 
So going forward, this is going to protect people from scammers? No I humbly disagree about that. Regulations comes with government working with centralized exchanges to give names of people they feel are guilty of scam but I don't think that will do much damage control with scammers because real scammers in crypto don't use centralized exchanges, they know better that when they scam investors their money, they will be track if they send it to exchange, they prefer pair to pair transaction where they can spend and move on with their life.

However, consumers must also follow the regulations by submitting their data to the government through exchanges so that the government can check it quickly.
Everything has positive and negative sides as the government introduces its regulations to reduce the possibility of scamming which will become more frequent.
That means consumers must be prepared for the loss of privacy from owning crypto which should still exist.
There may be no longer freedom for consumers who own crypto because the government can request reports from everyone who owns crypto.

I really wish the way they want this to work will effectively but there are many places this will leave untouched. There are consumers who prefer their privacy protect and will never yield to any data submission and I fear they can't be protected. If a consumer have bitcoin in his personal wallet and it got stolen or hack, such transaction will be difficult to fight, it can be flag but the consumer will lost the access and u don't think there is point of even flagging an address when it can not be recover. Regulations can't do much either I think right.

[SquirrelJulietGarden]

I really wish the way they want this to work will effectively but there are many places this will leave untouched. There are consumers who prefer their privacy protect and will never yield to any data submission and I fear they can't be protected. If a consumer have bitcoin in his personal wallet and it got stolen or hack, such transaction will be difficult to fight, it can be flag but the consumer will lost the access and u don't think there is point of even flagging an address when it can not be recover. Regulations can't do much either I think right.

What they want will be different with what they can do and what they can achieve after all. Not yet mentioned that they can lie us too.

Fiat currencies with banks are KYC but does it work effectively to prevent Money Laundering. The answer is, not.

Governments and central banks want cryptocurrency centralized exchanges to do KYC on customers, mandatory and given reason is mandatory KYC can help to fight against Money Laundering. Do you think they will succeed with it?

My answer is they will fail.

Why KYC is extremely dangerous - and useless.

[danadc]

What I say is that this is the greatest Impudence that a government can say, that for the protection of consumers they introduce Regulations , because if in case of theft or something they will be able to recover their money, that seems to me to be the most mendacious excuse of all, it is something for which we should not Fall, they intend to put regulations so that the people who know the least Will simply accept them, that is why a whole country should read, the people will enlighten themselves because it is the only way that they do not Put lies into them and they take advantage of the money of themselves, a government will always have a lot of bitcoin, and they don't care that others don't have it , as long as they have everything right, this is the same as the KYC Trap , something very Similar.

[wxa7115]

What I say is that this is the greatest Impudence that a government can say, that for the protection of consumers they introduce Regulations , because if in case of theft or something they will be able to recover their money, that seems to me to be the most mendacious excuse of all, it is something for which we should not Fall, they intend to put regulations so that the people who know the least Will simply accept them, that is why a whole country should read, the people will enlighten themselves because it is the only way that they do not Put lies into them and they take advantage of the money of themselves, a government will always have a lot of bitcoin, and they don't care that others don't have it , as long as they have everything right, this is the same as the KYC Trap , something very Similar.

The politicians behind most governments know very well what buttons to push to get their way, if they were honest about their intentions and they said that they were introducing new regulations as they wanted to keep better track of what you were doing with your cryptocurrencies, there will be an immediate backlash against it as people hate getting their freedoms restricted.

But by using the excuse that this is being done in order to protect people from being scammed they can get away with almost anything, and do whatever they want without suffering any negative consequences.

[Fundamentals Of]

This is positive news. It seems the regulations are friendlier than other country's. Australia seems open-minded as to the development of cryptocurrency. Although there are worries that these new regulations might categorize cryptocurrency institutions together with traditional financial institutions, I think the common ground is consumer protection. Everybody should be equally protected from the banks as well as from centralized exchanges.

[Zlantann]

The Australian government is introducing new rules for cryptocurrency exchanges to protect consumers.
Exchanges with a lot of money will need a license and must follow financial service laws. These rules aim to ensure transparency and safety in the crypto market.

There is a need to regulate the operations of centralised crypto platforms like exchanges. We have seen these crypto organisations engage in many unwholesome activities that have led to the loss of funds of many clients. The government has the responsibility of protecting its citizens from these fraudulent firms hiding under the freedom of the crypto space to carry out their criminal activities. It is important to confirm if they have the funds they claim they own and there should also be a limit to the services they offer. However, these laws should be limited to only centralised platforms because decentralisation is self-regulatory. Citizens should be allowed to freely choose between government-regulated exchanges and decentralised platforms.     

[yhiaali3]

I do not know if the Australian government can achieve a balance between consumer protection and innovation in blockchain technology, because it is difficult to formulate regulatory laws that protect the consumer without at the same time affecting companies and innovation.

It would be very good to formulate such a law, but that is not easy because consumer protection will be by enforcing KYC and AML, and this is something that many users who like to maintain their privacy do not prefer. This also requires imposing strict regulations on companies that may limit the companies’ ability On innovation.

But let's wait and hope they can find a suitable formula.

[synchronym]

The Australian government is introducing new rules for cryptocurrency exchanges to protect consumers.
Exchanges with a lot of money will need a license and must follow financial service laws. These rules aim to ensure transparency and safety in the crypto market.
They are also considering more regulations for exchanges in the future. Tokens used in gaming and NFTs won't be affected.
The government wants to balance consumer protection with innovation in blockchain technology and digital tokens.

Source:
https://cointelegraph.com/news/australian-crypto-industry-treasury-proposals-step-forward-slow-regulation
https://cryptoslate.com/australia-to-introduce-crypto-regulation-mandating-licenses-for-crypto-exchanges/

It's really great to hear that Australia has announced Bitcoin legalization, but it's really great news that the people of their country can go a long way with Bitcoin. Australians are very lucky that their country's government has legalized Bitcoin for them. We are really sorry to hear this news from Australia. If this happened in our country, if Bitcoin was legal, we would be able to work more relaxed.  Maybe bitcoin will never be legal in our country because our country's government can't manage bitcoin.

[nullama]

I do not know if the Australian government can achieve a balance between consumer protection and innovation in blockchain technology, because it is difficult to formulate regulatory laws that protect the consumer without at the same time affecting companies and innovation.

It would be very good to formulate such a law, but that is not easy because consumer protection will be by enforcing KYC and AML, and this is something that many users who like to maintain their privacy do not prefer. This also requires imposing strict regulations on companies that may limit the companies’ ability On innovation.

But let's wait and hope they can find a suitable formula.

It is a tricky balance to obtain.

Australia used to be a great place for innovation, but now I'm not so sure about it. Maybe it is still great, but I haven't seen the same growth I've seen in a decade ago.

The thing is that Australia is a very technological place, and things might happen, but there is still a lot of people that might not want that to happen.

[Apocollapse]

This is positive news. It seems the regulations are friendlier than other country's. Australia seems open-minded as to the development of cryptocurrency. Although there are worries that these new regulations might categorize cryptocurrency institutions together with traditional financial institutions, I think the common ground is consumer protection. Everybody should be equally protected from the banks as well as from centralized exchanges.

El Salvador is more friendlier since they accept Bitcoin as a legal tender.

Banks aren't give any protection to their customers, they're only making a promise and you need to rely with their promise. As you know human is complex and can change their mind so fast, I don't be surprised if they said they will protect their customers, but tomorrow they will disappear.

[kryptqnick]

The article says that exchanges largely support the suggested regulations, so I guess it can be a good thing. Moreover, it means that we're talking about hypothetical regulations which aren't currently in place and might not get adopted after all.
It seems to me that both the title of the thread and the way the op phrased the info made it seem more negative and more serious than it currently is, to be honest. The part about protection of consumers kind of looks as if there's a problem with it these days, but consumer protection is mentioned only as one of the reasons for the proposed regulations, not as a single or central reason.

[DapanasFruit]

The government wants to balance consumer protection with innovation in blockchain technology and digital tokens.

Well, it is definitely the responsibility of the government to be regulating anything that it feels it has jurisdiction with, especially with the intent of protecting the people and/or the general public from unscrupulous players in the industry. I do find this news to be a good news for the cryptocurrency industry in Australia as we are slowly moving away from the Wild Wild West era which dominated in many years and in many ways resulted into loss of money of people victimized by scams and frauds.

[sokani]

The Australian government is introducing new rules for cryptocurrency exchanges to protect consumers.
Exchanges with a lot of money will need a license and must follow financial service laws. These rules aim to ensure transparency and safety in the crypto market.
They are also considering more regulations for exchanges in the future. Tokens used in gaming and NFTs won't be affected.
The government wants to balance consumer protection with innovation in blockchain technology and digital tokens.

Source:
https://cointelegraph.com/news/australian-crypto-industry-treasury-proposals-step-forward-slow-regulation
https://cryptoslate.com/australia-to-introduce-crypto-regulation-mandating-licenses-for-crypto-exchanges/

I've not been to Australia but I really like what I'm seeing in the news, the government truly have the best interest of the citizens and they will do everything to protect them. Few months ago they banned the use of credit cards and digital currencies in casinos and online gambling platforms. Now, they are laying down well defined rules to streamline the operations of crypto entities in the country.

Where I come from, there are no rules and there are two cases of local exchanges scamming customers, and no one has been held accountable. I know some persons may kick against this but it's for the best interest of the Australian people. The government is going make some money in the form of taxes but the regulations will also help to protect the citizens from shady crypto establishments.

[Z-tight]

It's really great to hear that Australia has announced Bitcoin legalization, but it's really great news that the people of their country can go a long way with Bitcoin. Australians are very lucky that their country's government has legalized Bitcoin for them.

This doesn't have anything to do with legalizing BTC, by the way BTC isn't illegal in Australia. The Australian government are providng more regulations, rules and guidelines for cryptocurrency exchanges, these exchanges must follow these regulations or else they will cease to offer their services to Australian customers; i don't know where you read about BTC legalization and all the stuffs you're saying here.

Maybe bitcoin will never be legal in our country because our country's government can't manage bitcoin.

I don't know what country you are talking about, but it doesn't matter if BTC is legal or not in a particular country, they still do not have the power to manage or control it, they can only make laws and decisions on it or affecting BTC businesses, but they can manage or control BTC in itself.

[KiaKia]

Regulation will protect some certain numbers of people that only want to be protected from scam crypto exchanges and projects but they won't be able to be useful for others who cares more about decentralization, the hate on Bitcoin started because it's decentralized, and the only way the government can be in power is buying every piece and this is why I feel this next bull market might be the last best, Blackrock coming into crypto will make every juicer things in crypto become saturated, few years later crypto will be in the palm of Blackrock.

They can't control Bitcoin, and they want to, now we have ETFs, the whole crypto game is going to change in the next few years, I strongly believe in this, I do not believe that any government have the best interest of people at mind, they aren't benefitting from crypto so yes they can pretend to be fighting for the people.

The biggest robbers of poor people are the governments, when they are benefiting from anything, even if it's the most evil thing, they will heavily protect that thing, at this state there won't be any good or bad sides, I don't need any protection from the government, decentralization is the only chain breaker from the governments controls and monitoring. 

[Hamza2424]

The regulation so far is still based on the current financial services regulation but they are open to suggestions. But whatever rules are introduced in Europe are still going to be easy implementation in Australia. They don't even need to vote for it.

If ETF is already approved just as what is in the news today, I guess they are also up to approved spot ETF in Australian exchanges.  All countries should be doing the same by now.

Hmm, well there's a point to it, Regulatory policies consume time with the discussion here in Australia we cant be sure about anything. For the ETF's approvals, there are some rumors the early ETF approval can be of MicroStrategy, BlackRock is a strong contender but it will most likely take time. On the Australian upcoming policies about the Spot ETF is too early to predict such sort of the outcomes.

[darkangel11]

Australia have always been an interesting country to watch when it comes to the regulations of cryptocurrency.

Very interesting, especially their Covid policies were made with respect to human rights and all that

It's good to see that a western country is not trying to stifle growth or innovation, but is trying to protect its consumers. Of course we all prefer complete freedom, though it does seem like they are at least trying to keep the scales somewhat balanced.

I'll give you some interesting facts about this "regulation."

The RBA and Treasury will also publish a “stocktake” on their research into a central bank digital currency by “around the middle of 2024” and then “set out a roadmap for future work”.

They actually do want it, just trying to make it look like they want to protect people.
Protect from what?

The deal is to slow down the crypto industry, make businesses apply for paid licenses that take time to obtain and fills the government's pockets while they work on CBDC.
Australia is not a country that has your own good in mind and they showed it during the pandemic, just like Canada showed it during the protests.

I have actually heard in an online community that Binance recently have let go of the vast remainder of their employees in the Australian base as of recently, after they have already been doing so throughout the year there and around the world. I wonder if the two scenarios are correlated.

Completely unrelated
Australia only wants to help them grow...

[carlfebz2]

The Australian government is introducing new rules for cryptocurrency exchanges to protect consumers.
Exchanges with a lot of money will need a license and must follow financial service laws. These rules aim to ensure transparency and safety in the crypto market.
They are also considering more regulations for exchanges in the future. Tokens used in gaming and NFTs won't be affected.
The government wants to balance consumer protection with innovation in blockchain technology and digital tokens.

Source:
https://cointelegraph.com/news/australian-crypto-industry-treasury-proposals-step-forward-slow-regulation
https://cryptoslate.com/australia-to-introduce-crypto-regulation-mandating-licenses-for-crypto-exchanges/

Hope that every country would really be something like this on which they are really that open when it comes to crypto existence and instead of banning, they would neither be having reconsiderations on running laws
and regulations for the sake of their citizens safety which it isnt really that bad at all,considering on having lots of scams and frauds that do exist on the market then it would really be just that normal for the government to be really that in concern about their citizens safety or protection on which it is really just that normal for government on doing so.For exchangers to be needing to be getting in line with government rules and regulations then it would really be just that a common approach.

For those who doesnt really like centralization or KYC then it might look that bad but in overall for your protection then it would really be just that less riskier on losing money or funds
if ever the exchange would really be making out some foolish movement on running away with their users funds but in exchange to that then the government would really be
having that track on you in regarding on how much you do hold or simply it is really that still dealing with centralized things but at least we do really have that
option if ever we do tend to be that truly anonymous on which on not to touch up these services.

[The Cryptovator]

Instead of preventing citizens from using cryptocurrency, it is always better to implement a clear regulation. So it would prevent their citizens from losing funds from unexpected incidents. When the government regulates exchange, they will allow exchanges that follow government rules. That's how we would create a reliable crypto atmosphere. If the exchanges comply with regulations from the beginning, then they don't need to encounter legal action later. So I think the Australian government is making the right decision.

[Vaskiy]

Instead of preventing citizens from using cryptocurrency, it is always better to implement a clear regulation. So it would prevent their citizens from losing funds from unexpected incidents. When the government regulates exchange, they will allow exchanges that follow government rules. That's how we would create a reliable crypto atmosphere. If the exchanges comply with regulations from the beginning, then they don't need to encounter legal action later. So I think the Australian government is making the right decision.

Not every country does it, prioritising the people's interest and making regulations is positive way of approaching cryptocurrency. Most of the countries look for the opportunity to restrict people from cryptocurrency usage, and Australia have got different view in it. Even in gambling this country is different as it looks for the goodness of the people. The country have restricted usage of credit card for gambling understanding this could lead to addiction easily.