CryptoWallCity vs MEXC Exchange

Australian Government Takes ‘Hard’ Action As Cryptocurrency Becomes More Popular

Cryptocurrencies are slowly gaining popularity in Australia and the Australian Government is taking tougher steps to regulate this asset class.

On The Run Enables Crypto Payments In 170 Stores

In recent times, Australia has been seen as a potential market for digital assets. Many shops, companies, businesses have taken an interest and some even allow payment in this currency. Among them are gas station and convenience store giant On The Run (OTR). Reportedly, On The Run has added 30 cryptocurrencies to one of the payment methods available at the company’s 170 stores across Australia.
This act of On The Run allows customers to use cryptocurrency to buy snacks, bread and gas. At the same time, this is also a sign that cryptocurrencies are gradually being accepted and used in Australia.

Specifically, Peregrine Corporation, the parent company of OTR and one of Australia’s largest companies, will accept cryptocurrency payments at Subway, Smokemart and Oporto stores. Under this plan, by July 2022, Peregrine Corporation will become the largest Australian company to apply cryptocurrency payments.

To implement this plan, Peregrine Corporation has partnered with Crypto.com – a cryptocurrency exchange based in Singapore. This exchange will take on important tasks to make the payment process between sellers and customers simpler and faster.

In addition, Peregrine Corporation also linked with DataMesh – a payment system provider based in Sydney to implement the plan. It is expected that DataMesh will install a number of Point-of-Sale terminals and these devices will provide payment points for customers using cryptocurrency held through the Crypto.com exchange.

Australian government tightens regulations for crypto influencers

The popularity of cryptocurrencies has led the Australian Government to tighten its regulatory measures for this asset class. And recently, the Australian Securities and Investments Commission (ASIC) has issued important warnings to those who influence financial markets. This notice addresses conduct that is in line with regulation, as well as those that have a significant impact on the country’s cryptocurrency industry.

Specifically, in its announcement, ASIC outlined regulatory measures against companies and influencers that may knowingly or unconsciously promote financial products in the cryptocurrency market. Accordingly, violating companies and organizations can be fined up to millions of dollars if they ignore these warnings. As for individuals, they can be imprisoned for up to 5 years.

The definition of “promoting” is not specifically stated by ASIC, but the agency does imply that it will penalize those who suggest or recommend a financial product if the product is unlicensed.

Summary

As can be seen, cryptocurrencies and the blockchain industry in general are gradually being accepted in many countries. In particular, some countries are even taking the opportunity to raise hopes for the world’s first Bitcoin city, such as El Salvador. And in the near future, surely the news about accepting payments in cryptocurrencies will be more and more, accompanied by the Government’s management and tightening measures.