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Australia is behind Singapore when it comes to adopting bitcoins due to its vague regulations.
In an interview with The Crypto Lark, Adrian Przelozny, CEO of Independent Reserve, an Australian institutional cryptocurrency exchange, said that the country has vague regulations because there were too many regulators.
During Przelozny's guesting, the host asked him if Australia is already falling behind in terms of its regulatory approach towards cryptocurrencies. Przelozny didn’t say “yes” but said that it’s a disadvantage that the Land Down Under has many regulators compared to countries like Singapore.
Przelozny stressed that the confusion in the crypto regulation springs from the number of regulators involved. For instance, the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a digital currency or a cryptocurrency doesn’t hold the same position with the taxation authority. Reserve Bank of Australia (RBA) and the Australian Securities and Investments Commission (ASIC) have different regulations, too. Since many are involved the process takes longer and becomes unclear.
“So something that Australian Transaction Reports and Analysis Centre [AUSTRAC] will classify as a digital currency may not be classified as a digital currency for tax purposes, which has all these other implications. Whereas in Singapore there’s only one regulator, Monetary Authority of Singapore [MAS], and it kind of does everything; the coordination there is much better,” Przelozny said while comparing Australia and Singapore’s regulatory processes.
He pointed out that these don’t create a favorable result for crypto enthusiasts and traders operating in the country. Przelozny encouraged Australia to follow the example of Singapore.
Meanwhile, Australia’s Department of Industry, Science, Energy, and Resources just released the National Blockchain Roadmap that shows how the government, industry, and researches can capitalize on opportunities and address the challenges presented by blockchain technology. Karen Andrews, Minister for Industry, Science, and Technology was very positive that the organization could drive the long-term development and adoption of blockchain technology and profit from the economic and social opportunities it offers.
