Regulation Takes Precedence Over Reserves in Government Priorities Australia is not going to follow the United States in having a strategic crypto reserve, just as President Donald Trump has urged the country to be the “Crypto Capital of the World.”. The Minister of Financial Services and Assistant Treasurer confirmed that the Australian government is more interested in regulating digital platforms and crypto assets than creating a strategic reserve. The Albanese government has sought advice on our proposed framework to build an appropriate digital asset regulatory framework, and we continue to be in close touch with industry. The Albanese government is conscious that blockchain and digital assets present considerable opportunities for our economy, our financial system, and innovation,” the spokesperson further added. Regulation Through Enforcement Australia has been cautious with crypto. In February, the Australian Transaction Reports and Analysis Centre warned crypto businesses to adhere to anti-money laundering laws or face penalties. The agency has been reviewing over 50 crypto providers and has already sanctioned 13 for failure to comply. In December 2024, Bit Trade, the local operator of Kraken, was fined AUD 8 million ($5.2 million at the time) by the Australian Securities and Investments Commission for unlawfully offering a credit facility to over 1,100 customers. Trump announced his crypto reserve strategy plan on March 2 via Truth Social, stating that XRP, Solana, and Cardano would be included. He later included Bitcoin and Ethereum in the list, as well as other “precious coins.” Following his remark, Bitcoin went up 8% to more than $93,000, and Ethereum by 11%. Cardano was the biggest winner with 66%, followed by Solana and XRP, both increasing by 20% and 28%, respectively. The Crypto Fear & Greed Index remains at “Fear” at 33 despite the rally. Australia’s choice of prioritizing regulation over a reserve of crypto money is also with its overall agenda for financial safety and risk containment in the emerging environment of cryptocurrencies.
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