The Australian government will now allow a more secure and safer cryptocurrency transaction for the citizens by giving a "badge of approval" for the crypto exchanges.
With that, an established trust will be built so there will be no "what ifs" if ever people want to enter the digital coin industry. Still, be prepared for some risks like unstable markets and high volatility rates.
Australia's Badge of Approval For Crypto Exchange
According to the latest report from ZDNET, Jane Hume, the Minister for the government's Digital Economy said on Monday, March 21 that Australians can now enjoy a safe environment for crypto investment.
With the new implementation of digital transactions, the users can now trust the crypto exchanges because of the added verification measure which will come as an official badge of approval.
"Crypto values will go up and down sure as eggs and the government will not be protecting consumers from market volatility -- and nor should they. But Australian investors will be sure that if they use a licensed Australian exchange that they can trust that exchange will deliver on its commitments to customers and have appropriate protections," Hume said.
She added that Australia's badge of approval will be a unique "stamp of quality" for the users. Aside from that, they are also launching another new change for crypto exchanges in the form of custody arrangements.
In this regard, Hume said that the government wants to grant the users access to their assets that's why they came up with this idea.
Trust Between a Crypto Investor and Exchange
With the badge of approval, the Australian government hopes to help the investors to engage in the growing crypto business. With that, they want to build trust between the user and the cryptocurrency service.
Additionally, there will be more transparency in the latest change. Hume said that they will not regulate cryptocurrencies since they don't yield a similar impact as other financial assets.
Regardless of this decision, it's still up to the user if he/she will put money into these crypto services. After all, the bearish market is still felt at the moment, and they have a lot of time to evaluate their choices before diving into a new and now "trusted" investment.
Related Article: Treasury Regulators are Moving to Create Stopgaps for Cryptocurrency Transactions
Crypto Regulation in the US
Earlier this month, Tech Times reported that US President Joe Biden officially signed an executive order which tackles crypto regulation. Under this new law, government officials will now examine all the digital transactions for virtual coins.
According to the press release of the White House, this order will pave the way for the protection of consumers, businesses, and investors. It would also give way for the mitigation of systemic risk.
Furthermore, it will cover the promotion of equitable access to safe and affordable financial services, as well as the economic competitiveness in the global financial system.
In other news, Crypto News wrote an article about the potential aftermath of the Russia-Ukraine issue to Bitcoin and other digital assets.
Read Also: SOL Fear and Greed Index Back to Neutral: Road to $100?
This article is owned by Tech Times
Written by Joseph Henry
