A few days after inaugurating a center in the Middle East, FTX Exchange has disclosed the inception of its activities in Australia. The trading platform plans to offer over-the-counter-based stocks and aids along with derivatives. The development manifested after the Aussie government lately propounded a regulatory framework for cryptocurrency in the country.
According to the CEO of FTX, Sam Bankman-Fried revealed that the organization just got a green light to commence operations in Australia. He furthered that organization is open to contributing to international discussion on crypto regulation. He also stressed that the organization is motivated to commence operations in Australia due to the new regulatory proposal.
Lately, the Aussie government proposed a regulatory framework to address crypto taxes, shield holders against fraud. The framework also includes means of regulating virtual banks, crypto trading platforms, and other financial institutions. Australia is gradually gaining public attention as a significant part of its population now owns cryptocurrency and digital assets. This establishes the country as one of the biggest per-capita embracers.
To aid the development of crypto in Australia, the Aussie government opened a public hearing on how to approach the industry. In regards to the foregoing, the Minister for digital economy, Jane Hume indicated the government is giving its all towards crypto. She went on to assure that the government will make sure trading platforms operates within a conducive regulatory structure.
Additionally, the Aussie government is likely to publish some relevant papers before reaching out to stakeholders in the industry. One of the papers will call on stakeholders to contribute to the determinants of license and operation certifications.
The situation of Crypto and FTX in Australia
Furthermore, Earlier today, Australian Lawmaker, Andrew Bragg called for a change in Crypto regulation. The Senator proposed Digital Services Act (DSA) to change Crypto market licensing, custody, taxation, and decentralized autonomous organizations (DAOs). Also, the bill further emphasizes the growing commitment of the Australian government towards crypto development. The country introduced a Blockchain Week conference which commenced today, in other to embrace the growing opportunities in crypto.
Nevertheless, Australians are regular users of the trading platform before it officially commenced operations in the country. The inception of local operations in Australia will bring FTX Exchange under the favour of policymakers in the country.
Lastly, the recent development will aid the expansion of FTX market activities in the country. Meanwhile, the Aussie government increasing emphasis on crypto development will as well build the growth of crypto in Australia. This is indeed a two-dimensional relationship for the trading platform and Australia.