Published On: Wed, Jul 21st, 2021
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Crypto Industry Demands Regulation as Banks Refuse to Do Businesson July 21, 2021 at 5:13 am

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Australia’s cryptocurrency industry has called for government intervention after banks have continued to refuse to provide services to the sector. In a series of submissions to a Senate inquiry over Australia’s future as a technological and financial hub, cryptocurrency exchanges have unanimously called for a regulatory regime that will instead bolster the nation’s rapidly evolving digital asset industry. “It remains the fact that the intersection of this cryptocurrency ecosystem with the traditional financial system is fragile and in urgent need of remediation,” stated a submission (pdf) by Swyftx. Swyftx—one of the country’s largest exchanges with trading volumes of around $3 billion (US$2.2 billion) a month—said that financial institutions’ decision to engage in blanket “de-banking” of the sector had served to stifle growth, and accused the financial institutions of anti-competitive behaviour. “The unwillingness of traditional banks to facilitate digital asset businesses by refusing to do business with them has introduced an …

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