View: Lack of clarity in regulation hinders the popularity of digital assets such as Bitcoin in Australia

According to AMBCrypto, Australia has been very active in the crypto field since early 2020. However, in terms of how cryptocurrencies are regulated, Australia has been lagging lately. Australian Independent Reserve Bank's Adrian Przelozny said in an interview a few days ago that Australia's biggest disadvantage compared with countries such as Singapore with clear regulations on digital assets is that there are too many Australian regulators. He further noted that Australia is often seen worldwide as an example of how anti-money laundering regulations should be implemented. Adrian Przelozny added that other Australian regulators, such as the Australian Securities and Investment Commission (ASIC) and the Reserve Bank of Australia (RBA), have different definitions of regulation. He noted that this caused a lot of confusion. This is a major obstacle to the adoption of digital assets in Australia. Adrian Przelozny also pointed out that other reasons include regulators' concerns about reducing risk and protecting consumers, so much that consumers seem reluctant to take risks.