Blockchain Australia, a major association representing the local cryptocurrency industry, has officially introduced its crypto regulation recommendations to the federal government. The association filed a submission to the Senate Select Committee on Australia as a Technology and Financial Centre last Friday, calling the government to provide a safe harbor for local crypto service providers. Pointing out a set of regulatory recommendations, Blockchain Australia stressed the need for a coordinated and graduated approach to adopt a “fit-for-purpose regulatory framework,” ensuring innovation and competition in the country while enhancing consumer outcomes. The crypto advocates emphasized that local industry “cannot afford to wait …

Global cryptocurrency exchange Binance continues restricting support for some of its trading services amid an ongoing regulatory crackdown. Binance officially announced Monday that the exchange would delist margin trading pairs for three fiat currencies: the euro, the Australian dollar and the British pound sterling. According to the announcement, Binance will suspend the mentioned fiat trading pairs on Aug. 10 and then switch to automatic settlement and cancel all related pending orders. The isolated margin trading pairs will have been entirely delisted from the exchange by Aug. 12. Binance Margin to Delist $AUD, $EUR & $GBP Pairshttps://t.co/gyBP8XzITI — Binance (@binance) July …

Cryptocurrency adoption is growing in Singapore, especially among younger generations looking to capitalize on the generational wealth potential of Bitcoin (BTC) and other digital assets, according to the inaugural 2021 Independent Reserve Cryptocurrency Index, or IRCI, a survey conducted by Asia-Pacific cryptocurrency exchange Independent Reserve. The survey, which is based on a poll of 1,000 Singaporeans from a representative background of gender, age and location, revealed that 43% of the polled respondents said they owned cryptocurrency, with 46% planning to buy digital assets in the next 12 months. Two-thirds, or 66%, of respondents in the 26 to 45 age bracket …

Australian "buy now, pay later" (BNPL) firm Zip is looking to enter the crypto market by offering trading services to users within the next 12 months. Zip co-founder Peter Gray told Reuters on July 22 that expanding support for crypto trading services and providing a digital wallet were two of the top requests from its clients. The co-founder kept his cards close to his chest, however, and didn’t outlay a specific roadmap or timetable to get there. “We know our younger generation of customers seek additional products and services that are relevant to them,” Gray said. The Afterpay competitor serves …

The Australian branch of leading cryptocurrency exchange Binance has increased the ability for users to accurately report tax liabilities amidst increased pressure from local tax authorities. Binance has partnered with cryptocurrency tax startup Koinly to assist users grappling with ever-increasing tax obligations down under. Binance users in Australia have been offered access to Koinly’s tax reporting solution through the integration. Koinly was founded in 2018 and supports over 600 exchanges and wallets, enabling users to sync their full crypto trading history with one central ATO-compliant platform. The move comes as the Australian Tax Office (ATO) increases its effort to collect …

The Australia Securities Exchange (ASX) has weighed in on the issue of crypto custody amid the ongoing discussions within the country’s Senate Select Committee on Financial Regulatory Technology. In a submission to the committee on July 16, ASX highlighted crypto custody on centralized exchanges as a significant risk factor for investors. The ASX submission outlined the implications of crypto exchange custody arguing that investors do not have access to their private keys while their funds are domiciled in these platforms — another way of saying “not your keys, not your coins.” According to the ASX, crypto funds left on exchange …

Iris Energy, a Sydney-based Bitcoin (BTC) mining firm that invests in data centers powered by renewable energy sources, reportedly plans to raise new funds ahead of the expected Nasdaq listing. Bloomberg reported that the new fundraising round is looking to raise roughly $200 million to prepare for the United States exchange listing. Iris Energy has already met with prospective investors and plans to go for the Nasdaq listing before the end of the year. The report calls up earlier talks on special purpose acquisition companies (SPACs), which would enable a potential U.S. listing aimed at $300–$500 million for the green …

Specialists and lawyers focused on decentralized finance (DeFi) are launching an initiative to create a new type of legal entity in Australia representing decentralized autonomous organizations (DAOs). The country's Digital Law Association and global law firm Herbert Smith Freehills are lobbying an Australian Senate committee to formally recognize new decentralized models for corporate governance. These new DAO models would replace the board of directors with an internet community, the Australian Financial Review reported Thursday. The initiative specifically intends to allow “DAO Limited” project governors to contract with other legal entities through DeFi tools, implementing blockchain technology to remove traditional intermediaries …

Global payment giant Visa is moving forward with its commitment to digital currency adoption by approving the issuance of a new Bitcoin (BTC) debit card in Australia. Sydney-based crypto spending app CryptoSpend announced Wednesday that Visa has approved the issuance of a physical debit card that will allow Australians to spend their Bitcoin at local merchants. CryptoSpend co-founders said in an interview with the Australian Financial Review that the new card will be issued by major local payments company Novatti and is expected to hit the market in September. Visa is expected to announce the approval later this week. According …

Australia’s Minister for Industry, Science and Technology announced 5.6 million Australian dollars ($4.2 million) in grants to two blockchain-focused companies, including traceability firm Everledger and technology consulting startup Convergence.tech. Everledger, a company focused on building a global registry for diamonds, has received 3 million AUD ($2.2 million) to investigate blockchain technology’s use cases for creating digital certifications for critical minerals through the extraction and movement phases. As previously reported, the firm was deploying blockchain technology by software giant IBM for a transparency platform for the diamond industry. Covergence.tech received $2.6 million AUD ($2 million) to apply blockchain technology for automatic …

SelfWealth, a share trading platform listed on the Australian Securities Exchange, is planning to offer cryptocurrency trading as part of its 2021 roadmap. On Monday, SelfWealth officially announced that the company will partner with an “established and secure cryptocurrency exchange” to offer crypto trading on its platform. “This is off the back of research we’ve done, including answers from many of you. You want to access crypto, but you want it done in a safe and secure manner. You will be able to trade cryptocurrencies that have been vetted by us first,” SelfWealth wrote. SelfWealth’s move into crypto investment comes …

The Australia Securities and Investments Commission (ASIC) is seeking public feedback on on crypto-asset exchange-traded products (ETPs), stating that it is aware of rising interest and demand in their launch on regulated Australian markets. In a consultation paper released June 30, the regulator said its top priority was to assess whether the “unique and ever evolving features” of crypto-asset ETPs could meet existing regulatory obligations in a consistent fashion. Given this complexity and the fast pace of change in the industry, ASIC notes it deems it necessary to consult widely in order to assess the two key issues at stake: …