Australia takes a lead in the crypto segment and Coinbase is a classic example of how well the digital environment is taking shape in the said region. The crypto venture has published a series of tweets to appreciate the local policymakers for investing their efforts in encouraging innovation that is growing locally and the one that is coming from foreign soil.
Needless to say, this is part of Australia’s ambition to become the world leader in the crypto industry.
Coinbase has been quick enough to take the lead by registering with Austrac, partnering with several local Web3 players, and becoming a board member of Blockchain Australia in the last six months. This illustrates not only Coinbase’s ability to operate as a legal Australian crypto exchange, but also the determination of Australian legislators to regulate cryptocurrency businesses in a considered manner and create regulations that support the development of the digital economy.
Coinbase has praised the token mapping project carried out by the Australian Treasury, describing the rule-making process in the Australian ecosystem as open and transparent. It has been claimed that the exercise serves as the basis for regulations that are being developed and may soon be put into effect for cryptocurrency exchanges and custodians.
Coinbase has committed to contributing to the development of the crypto industry in Australia by saying that it is excited to be a part of this journey in the region.
Australia’s crypto business is expanding at a quicker rate. According to the 2022 study, roughly 25% of respondents indicated that they hold cryptocurrency. Despite a dip compared to the previous year (2021), the statistic is still quite excellent, as it is far higher than the 18.4% reported by the same survey in 2020. In 2021, approximately 28.8% of respondents reported holding cryptocurrencies.
The approach in Australia is positive toward the crypto industry. Assuming the thoughtful approach and industry participation continue, the crypto segment could thrive in the region and help grow the industry multiple times.
Executives at Coinbase are constantly in touch with relevant government departments and the Australian Treasury. The discussions range from cyber security to privacy. Insights on global best practices are also being discussed to ensure that Australia stays ahead of, or at par with, the global standards.
In an official blog post, Coinbase put out a statement saying that the talks with the Australian Treasury have gone well.
A core focus of Australian lawmakers and regulators is consumer protection and innovation. With Coinbase as a trusted partner, the community can only be assured that the crypto industry will grow by multiple times. A Coinbase advanced trading review shares that the crypto venture offers over 3,000 cryptocurrencies along with 150+ trading pairs. All of these will be available to the trading community based in Australia, assuming the collaboration with the Australian authorities continues.
Australia’s efforts to encourage good behavior and make policies that are acceptable are likely to work in the years to come.