The present year is crypto regulation 101 and at the same time as bitcoin is welcomed in lots of parts of the sector, some nations are wary because of its volatility, decentralized nature, perceived chance to modern-day monetary systems and links to illicit sports like drug trafficking and money laundering. Some countries like china, Russia, Vietnam, Bolivia, and Columbia have simply banned virtual currencies like Bitcoin while others have tried to cut off any aid from the banking and economic system crucial for its trading and use.
Many nations nevertheless do no longer have specific structures that limit, alter or ban cryptocurrency. The decentralized and nameless nature of cryptocurrency has challenged many governments on how to permit legal use while stopping crook transactions.
In Australia, the legal guidelines are pretty distinct and strict regulations are in location for Australians choosing to transact and conduct commercial enterprise in virtual assets. The Australian Securities & Investments Commission (ASIC) does not consider cryptocurrencies to be financial products which gives the rise to Australia being one of the maximum crypto-friendly international locations nowadays.
Brisbane is by far leading the way ahead being the cryptocurrency capital of the country with the Brisbane Airport now accepting crypto payments consisting of Bitcoin, Ethereum, Dash, Nem and Steem among others seeking to be included within the later a part of the year.
Australia Needs Crypto Regulation
TAGZ Exchange has come through leading the way by becoming Australia’s first fully regulated AML/CTF compliant and registered Dual Gateway Exchange for Cryptocurrency assets. TAGZ is trading under the Australian registered company name; Tagz Group Pty Ltd with ACN 632 160 920.
As of March 2019, TAGZ was granted a Digital Exchange License under DCE 100598185-001 and is also registered as a Remittance Dealer under the same license.
This marks a triumphant achievement and a mark in the sand for future exchange service providers to follow.
Regulated Cryptocurrency Exchanges
Finding a trusted regulated exchange for which there are very few of due to sizeable licensing expenses and registration requirements, hugely complicated regulations to stick to aswell as huge call for infrastructure is the most effective way to guard yourself and stay secure from the various pitfalls of unregulated rip-off exchanges.
Unregulated Cryptocurrency Exchanges
A cryptocurrency exchange offers the platform to buy, sell and trade cryptocurrency assets like Bitcoin and hundreds of others. The cryptosphere is littered with masses of ambiguous cryptocurrency exchanges that are purely unregulated and simply are not subject to any form of policy to protect consumers.
Unregulated exchanges do not offer any level of protection to users at all and are known to inflate their volume numbers to attract users and trading activity. The SEC have gone on record to state that cryptocurrency exchanges in general are an unregulated mess which have cost unsuspecting users millions upon millions of dollars and some to have lost their entire life savings.