Bitcoin Higher As Blockchain Australia Seeks Regulatory Advice

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Bitcoin was trading 12% higher on Monday morning.

The price was around $ 38,801 per coin, while rival Ethereum was up 8.78% to $ 2,369 and Dogecoin was higher at 22 cents per coin, according to Coindesk.

A leading body in the blockchain industry in Australia says the country’s current regulatory framework for crypto is lacking, especially when it comes to derivatives trading.

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Blockchain Australia (BA) wrote to the country’s Senate Special Committee on Australia as a Technology and Financial Center, making three main recommendations, according to a document released Friday.

The recommendations in the letter follow a request from the industry participant submissions committee on how to improve Australia’s position as a “tech and financial” hub, Coindesk reported. It calls for a “coordinated and graduated approach” to the regulation of digital assets.

The price of Bitcoin rose 12% early Monday morning, Coindesk reported. (iStock)

Among the proposed recommendations, the letter seeks the implementation of immediate safe harbor arrangements for crypto vendors as well as greater regulatory focus and short-term engagement while overseeing the creation of a long-term ” legislative framework fit for purpose, “says the report.

In other cryptocurrency news, Binance, the world’s largest crypto exchange in terms of trading volume, is reducing the maximum leverage that users can use to trade futures contracts. The action comes a day after the FTX derivatives exchange announced the same change, Coindesk reported.

The new limit is 20 times the leverage, compared to 100 times the leverage, stock exchange founder and CEO Changpeng Zhao said in a tweet on Monday.

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Binance imposed the limit on new users starting July 19 and will gradually expand the movement to all users, Zhao said.

FTX CEO Sam Bankman-Fried said in a tweet on Sunday that a similar change was underway on his platform.

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