Business
Bitcoin regulation to be probed by Senate inquiry – Sydney Morning Herald
A parliamentary inquiry will investigate how to regulate cryptocurrency assets such as bitcoin, as part of a push to strengthen the local fintech sector.
The inquiry will also look at a phenomenon known as de-banking, where non-bank firms that compete with banks are dumped as clients by traditional banks, often citing risk or regulatory concerns.
In the cryptocurrency sector, for example, the Australian Banking Association has previously told the Senate inquiry that without proper regulation, digital currency exchange providers risk becoming a virtual safe haven for the financial transactions of criminals and terrorists.
De-banking goes beyond cryptocurrencies,…
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