China recently announced that it has banned all crypto currency trading activities except individuals who are allowed to only hold their crypto assets. As it is said, 'If you can't beat them, you have to join them'. While China has banned all, Australia looked on how it can benefit from these crypto currencies. 

Investors prefer crypto currencies to fiat money because there is freedom when it comes to crypto and there is anonymity and decentralization that's what made crypto currencies favorable and Australia has seen that. They can see how much taxes they are losing in crypto currencies, so as a result they decided to join the bandwagon of crypto currencies.

How did they join the Bandwagon?

Instead of making it an illegal act of trading and owning crypto currencies like other countries, instead they made it legal with some rules laid out.

The Australian Australian Tax Office said now every investor is supposed to declare capital gains and capital losses made on crypto currencies because they are treating crypto currencies as Crypto Assets not currencies. So Crypto exchanges in Australia are now supposed to provide the crypto financial statement.

Every crypto related transaction including token swapping is now supposed to be taxed. Since this is all now under surveillance there are higher chances that crypto exchanges in Australia will require the Know Your Customer from all their clients so that every transaction will be traceable.

With this move the financial sector of Australia will likely boom as a result of more taxes being recorded and also money laundering is likely to stop.