The government of Australia has refused to create a crypto reserve, focusing on regulation.
Despite President Donald Trump’s efforts to make the US a “Crypto Rajdhani”, Australia will not follow the United States in creating a strategic crypto reserve.
While a spokesperson of Assistant Treasurer and Financial Services Minister Stephen Jones did not clearly rule a crypto reserve, he confirmed one in one Interview The government with Sky News Australia is giving priority to the regulation of digital and crypto asset platforms on creating a strategic reserve.
“The government of Albanis has consulted on our proposed structure to create a fit-for-prostate digital asset regulatory rule, and we continue to work closely with the industry. The Albanis government knows that blockchain and digital assets offer major opportunities for our economy, our financial sector and innovation. ,
Spokesman
Regulation through enforcement
Australia has been spreading carefully with Crypto for some time. In late February, the Australian transaction report and analysis center warned the crypto businesses to follow the money laundering laws or facial results. The agency said it was reviewing more than 50 crypto providers and had already taken action against 13 for violations.
A few months ago, in December 2024, the Australian Securities and Investment Commission imposed a fine of Bit Trade, local operator of Crackon, Aud 8 million (at that time $ 5.2 million) to offer credit facility to more than 1,100 customers.
Trump’s crypto approach Sparks Market Pump
Trump unveiled his plans in Post Truth Social of March 2, announcing that XRP (XRP), Solana (SOL), Cardano (ADA) would make reserves. He later stated that Bitcoin (BTC), and atherium (ETH), would also be added between other “valuable coins”.
After Trump’s announcement, Bitcoin increased by 8%, crossing $ 93,000. The Etherium chased with 11% jump. However, these advantages were modest compared to the increase of 66% of the cardano, while Solan and XRP increased by 20% and 28% respectively. Despite the rally, Crypto Fear and Greed Index live in the “fear” area on 33, as the Crypto.NUS reported earlier.
