Report: Cryptocurrency to Be Treated As a Prominent Trading Market in Australia

The Australian Securities and Investments Commission, has published a corporate plan that describes a vision for the country's economic future as well as its intentions to regulate the cryptocurrency market.

In addition to introducing laws, the ASIC would treat the crypto trading market similar to a securities market and introduce a "Regulated market infrastructure" applicable to crypto exchanges.

The watchdog would also settle disputes between exchanges and investors during instances of "Poor behavior and potential harm," contrary to current market practices.

With regard to creating a securities-like market for digital assets, ASIC may introduce a listing body and a licensing scheme for cryptocurrency projects, which will supervise all market operators, settlement providers and derivative trading.

As it stands, Australian laws governing the local cryptocurrency sector instate a mandatory KYC and AML norms, followed by businesses, as set down by Austrac, the country's financial intelligence authority.

The report acknowledged the growth of fintech and blockchain investments in the country.

The broader fintech market attracted over $675 million in 2018, with ASIC stating that blockchain and distributed ledger technology companies may push the investment figure, and the country's economy, in a significant manner.

Apart from innovations in financial services, the blockchain sector appears primed to a change in data reconciliation, back-office functions and logistics.

Away from financial services, Australia utilized the Ethereum network in July to successfully complete a cross-border shipment of almonds.

All parties were connected by IoT sensors and blockchain to verify the authenticity of goods during delivery and tracking containment conditions during shipping.