The 31st Prime Minister of Australia, Anthony Albanese, has already outlined three main things that will be his focus in the near future.
It is understood its focus includes - 1/ climate change, 2/ cost of living reduction, and 3/ implementation of comprehensive supervision over cryptocurrencies.
Digital assets bill
BTC Markets chief executive officer Carline Bowler said the new prime minister would emphasize the urgency of the bill for the digital asset market.
At the same time, Bowler does not deny Albanese will open up innovation space for digital assets in the country:
"The government will assist and support its innovation as digital assets play an important role in financial services in the Australian economy, as well as globally."
This is reminiscent of Federal Treasurer Josh Frydenberg who wants to ensure Australia implements its crypto asset reform plan and comprehensive payments by 2022.
The legislation is supposed to create a better ecosystem for domestic investors, as well as create legislation for companies providing digital assets, especially cryptocurrencies.
He also opined that the legislation should be similar to the supervision imposed on banks as digital asset providers 'hold' a number of investments and public money. Therefore, there must be responsibility for every action taken.
Meanwhile, the Australian Taxation Office (ATO) also revealed their focus on cryptocurrency tax legislation this year.
They expect more Australian investors to report gains and losses in annual tax returns due to a surge in interest in crypto investments.
Not only that, the ATO warns of tax penalties if any investor violates the law in reporting income in cryptocurrency investments.
