In newly issued remarks, the Australian government indicated that it agrees with this recommendation and that it expects a review of the relevant laws to be released shortly.
The government went on to indicate that such an approach would put Australia in line with decisions made by the UK and Canada, as well as recommendations made by the international standards body Financial Action Task Force (FATF).
Elsewhere, the Australian government reiterated it is committed to fostering innovation in FinTech, and that it plans to make further changes to existing laws to accommodate those using blockchains and digital currencies.
For example, the government agreed consumers using digital currencies should not be taxed twice, an issue that has raised considerable attention internationally, and indicated it would explore the appropriate tax treatment of digital currencies as well as whether it should create a special task force to monitor the industry.
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