The second public hearing focused on cryptocurrencies ended up in the indication for Australia to lead the world in crypto assets industry.
Andrew Bragg, the chair of NSW Liberal Senator, hosted a second public hearing on the discussion of Cryptocurrency. The committee on the discussion on technology & financial sector in Australia, discussion on the regulation and framework on the crypto market.
All the Market participants, hearing in the committee, claimed that Australia stands a better position to lead the international market & community on the crypto market.
As per discussion, around $1 trillion funds in the Australian crypto market is locked. And this amount is increasing day by day because of the Institutional investors.
In the hearing, the committee discussed that they are not only regulating the crypto market but also they are controlling the DAO ( decentralized autonomous organizations ) which is managed by the software codes help.
So these things clearly indicate that Australia stands at a very better level where they can manage the whole crypto market as a global leader.
And also, we can see that the data provided by the Australian Transaction Reports and Analysis Centre (AUSTRAC) authority shows that around more than 400 crypto exchanges are registered in Australia to operate their business.
A recent survey & research report of finder.com, shows that around 25% of Australian citizens are planning to buy or already own crypto.
So all these things clearly show how much the Australians are eager to get into crypto. And this intends Australian crypto players & leaders to make Australia a leader.
Also we can see the U.S’s rule on crypto which is still not clear because of their new rules on taxes and at another side individual states are planning different rules to adopt crypto. So probably there is a big chance for Australia to lead the whole world in the digital assets industry.