CoinJar applauds proposed Australian cryptocurrency regulations

CoinJar applauds proposed Australian cryptocurrency regulations

CoinJar, Australia’s longest-running cryptocurrency exchange, have announced its support for the recommendations of the Select Committee on Australia as a Technology and Financial Centre’s (ATFC) report on the country’s emerging digital assets industry.

CoinJar worked extensively with Fintech Australia and Blockchain Australia on their submissions and are pleased that Senator Bragg and his team have taken on the concerns of the crypto industry in putting together their report.

Asher Tan, CEO of CoinJar, says, “We applaud the AFTC for the forward-thinking approach they’ve taken with this proposed regulatory framework. CoinJar is committed to offering people a safe and positive experience when it comes to investing in cryptocurrency and we believe that effective regulation is the best way to achieve this.”

“As one of the first cryptocurrency exchanges in the world to receive official registration with the UK’s Financial Conduct Authority, CoinJar is pleased to see an even more expansive approach taken here with separate licences for both crypto marketplaces and custodians.

“We’re also pleased with the focus on the issue of debanking of crypto companies and participants, as well as the proposed tax concessions for renewable energy usage and new legal definitions for DAOs (decentralised autonomous organisations). These measures will help bring certainty to the local industry and will help spur a healthy and globally competitive start-up scene.

“From a consumer perspective, we welcome the suggested changes to the CGT treatment of cryptocurrencies – a long-standing disincentive to innovation and adoption. The dynamic and multi-functional nature of cryptoassets demand a more nuanced approach to questions of taxation and we’re happy to finally see these concerns recognised at such a high level.”

Tan added, “In our view, the AFTC report strikes a commendably optimistic tone that sees blockchain technology as the historic innovation that it is – and one that comes with matching opportunities and risks.”

“Blockchain technology will be at the heart of Web 3.0 – the new Internet. The AFTC report helps position Australia to take full advantage of this multi-billion dollar opportunity.”