Australia is one of the leading developed countries in the world where many renowned crypto businesses have already been started. Australia has been very direct and positive in terms of cryptocurrency regulation and is already implementing some of its bigger plans, such as exchange registration. However, their plans and rules relating to cryptocurrencies are not unreasonable, stifling, or damaging, rather, they could be viewed as progressive and potentially uplifting for both the country and cryptocurrencies in general.
It is speculated that Australia is an important market in Huobi’s global expansion plans, partly because it’s a mature market in terms of financial services as a whole, with a very receptive and progressive set of regulators. Australia was painless and required the exchange to register with AUSTRAC as a digital currency exchange and a set of procedures around that has been implemented for better crypto trading.
Independent Reserve revealed it had gained approval from AUSTRAC to become Australia’s first cryptocurrency exchange to comply with the mandated rules. “We have been lobbying for increased regulation since we opened for business in 2014,” CEO Przelozny said at the time.