Australia and New Zealand Banking Group Limited (ANZ) has concluded a historic transaction in which its newly created stablecoin pegged to the Aussie dollar has been used in a real world transaction: According to a press release, ANZ minted 30 million of A$DC using an ANZ-built Ethereum Virtual Machine (EVM)-compatible smart contract deployed through the...
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Category: Business
Crypto Laws Loom for Australia as Government Seeks Market Views
Australia’s government is asking businesses and individuals for feedback on its plan to overhaul licensing and custody arrangements for digital assets. The proposals include requirements such as breach reporting obligations, compliance with anti-money laundering laws and a strategy on how to classify crypto assets, according to a government paper released Monday. The regime is being...
Bitcoin Holders Breathe Sighs of Relief as EU Parliament Votes Against Proof-of-Work Ban
In yet another unexpected twist in the ongoing European cryptocurrency regulation saga, the EU Parliament has officially removed all language banning proof-of-work (POW) cryptocurrencies from the newly passed Markets in Crypto Assets (MiCA) directive. The crypto industry was initially concerned about a draft of the MiCA bill that included provisions banning POW cryptocurrencies such as...
How are Asian countries dealing with crypto sanctions against Russia?
Amid the United States and the European Union taking measures to prevent Russia from using cryptocurrencies to potentially evade sanctions, some countries in Asia have also been moving to respond to the situation. Japan became the latest country in Asia to call cryptocurrency firms to comply with sanctions against Russia, requesting on Monday that they...
NFTs ‘Inadvertently’ Taxed, Says Senator During Sydney Art Exhibition
Australia is preparing policy ahead of the federal election in May focusing on clearer rules for digital assets and artists. Policy specifically relating to NFTs needed to be implemented quickly to stave off a potential “brain drain” on Australia’s economy, according to NSW Liberal Senator Andrew Bragg. Senator Bragg, speaking this week at Sydney’s inaugural...
Australian Energy Retailer Starts Accepting Crypto, Including Dogecoin, Shiba Inu
Australian energy firm 1st Energy has started accepting cryptocurrency payments through the old and most popular cryptocurrency payments processor BitPay. The firm now accepts payments in several assets including meme-inspired tokens Dogecoin ($DOGE) and Shiba Inu ($SHIB). According to an announcement shared by BitPay, the firm became Australias first energy retailer to accept cryptocurrency payments....
Australian Advisory Committee Outlines Factors for Easing Crypto Adoption
An advisory committee to the Australian government released a report this week highlighting issues that need attention in order to facilitate the safe and widespread adoption of crypto technology in Australia. The report, developed by the Cyber Security Industry Advisory Committee and released by the Australian Department of Home Affairs, outlines the risks and opportunities...
EU Proposes Bill to Ban Proof-of-Work Mining by 2025
Given previous comments decrying Bitcoin’s energy use, it comes as no surprise that the European Union (EU) has proposed a regulatory package that includes provisions banning the use of proof-of-work (POW) consensus mechanisms across the union’s 27 member states. Ban Forms Part of a Broader Crypto Regulation Discussion POW has increasingly been under the microscope,...
The reason why Australia can’t use its empty deserts to mine Bitcoin
With plenty of sunshine and open spaces, Australia is perfectly positioned to take advantage of large-scale Bitcoin operations, but they won’t be built where you might expect, experts say. Australia’s regulators are also slowly seeing the potential for the industry. A recent report released by a parliamentary inquiry into the burgeoning crypto industry recommended the...
SelfWealth to offer Crypto Investment Options This Year
A publicly listed company, SelfWealth, will become the first online share trading platform to offer crypto trading services in Australia. This came after the company partnered with the local cryptocurrency exchange, BTC Market. The move means that the 120,000 customers of SelfWealth will now be able to invest in crypto using the platform. SelfWealth Offers...