According to news on October 24, with the growing global interest in cryptocurrencies, the Australian Committee of the Senate as a technology and financial center recommended that the country should establish favorable digital asset regulations to promote the development of the industry.
The proposed law should focus on providing tax incentives for crypto trading and establishing a licensing system for exchanges. According to the recommendations in the document, the new regulations should clarify how various digital currencies should be classified to determine the relevant rules that apply to them. In addition, effective crypto tax rules should be added to the regulations to enable traders to pay taxes on traded asset classes when recording clearly defined capital gains.