Australia cryptocurrency regulations to be inspired by gold: Stringent requirements apply to gold
|- Strict regulations on gold could work well for cryptocurrency regulations.
- The company is seeking the official stamp of approval as reported by investing.com.
Regulations applied to gold are stricter as compared to other commodities. The co-CEO of Bitpanda, one of Australia’s biggest Bitcoin broker believes that regulations on cryptocurrencies should follow the same rules used to regulated gold. The company is currently looking for the official stamp of approval as reported by investing.com.
“We’ve wanted to be regulated, but so far have been told that we cannot be,” said Eric Demuth. Paul Klanschek, the other co-CEO, said: “Regulation should come from the EU level.”
The Finance ministry in Australia announced in February this year that it was considering borrowing from the regulations of gold to regulate Bitcoin and other cryptocurrencies. Australia’s finance minister said that traders who engage in trading more than 10,000 euros are required to be reported just like how trading in gold works. Initial Coin Offerings will also get approval from the Australia financial watchdog.
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