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As the emerging asset class continues to take hold across the world, Australia has emerged as the eighth-most “crypto ready” country in a new report.

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The Biden administration’s moves to tax cryptocurrency transfers could be the first in a series of regulatory changes across the globe designed to bring the asset class into the mainstream financial system, an advisory firm has said.

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Australia is behind on its treatment of blockchain products, Liberal senator Andrew Bragg has warned, which could drive fintechs to other jurisdictions.

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Digital assets exchange BTC Markets has called for policymakers to update Australia’s “unclear… and outdated” regulation of the domestic cryptocurrency market amid a surge in demand for bitcoin and other assets.

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A former promoter for collapsed cryptocurrency platform BitConnect Australia has been charged following an ASIC investigation.

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