AustraliaCrypto

Today, the digital financial world witnesses a significant step with the live launch of the Australian Digital Dollar (AUDD) on the Hedera Network. This initiative marks the first collaboration using the Hedera Stablecoin Studio for commercial use, bringing new innovations to the financial sector. AUDD, issued by AUDC Pty Ltd, is designed to enhance the efficiency of cross-blockchain trading, supported by the Australia-Hong Kong partnership in modernizing sectors such as fintech and green energy.

Iris Au, known as EyeRize and girlfriend of Love Island winner Davide Sanclimenti, faces up to three years in federal prison after pleading guilty to failing to report over $2.6 million in income from 2020 to 2023. The income is linked to her ex-boyfriend, Iza, involved in cryptocurrency fraud. Iris allegedly used the illicit funds for personal expenses, including luxury items, highlighting the legal risks associated with unreported crypto earnings.
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#AustraliaCrypto
Industry calls for urgent crypto law reforms after Australian election
The crypto industry has called on Australia’s reelected government to make good on its promises and prioritize crypto legislation early in its new term.

Industry calls for urgent crypto law reforms after Australian election
The Australian crypto industry has called on the newly reelected Labor government to urgently make digital asset legislation a top priority to ensure Australia doesn’t fall further behind global markets.

The incumbent Australian Labor Party was returned in a landslide on May 3, picking up 54.9% of the two-party-preferred vote, against the Liberal and National Parties on 45.1%. Both parties went to the election promising crypto law reform, but only the opposition pledged to deliver draft legislation within 100 days.

Joy Lam, Binance’s head of global regulatory and APAC legal, said the exchange has been consulting with Treasury officials since late 2023 about its proposed legislation, and it was now time for action.

“Timing is really quite critical now because obviously it's something that has been discussed and kicked around for quite a few years,” she told Cointelegraph.

Coinbase managing director for APAC John O’Loghlen said the reelected Albanese Government has the “opportunity and the responsibility to move quickly on this issue” and called for a Crypto-Asset Taskforce to be established within its first 100 days “with the aim of bringing forward legislation that protects consumers, promotes innovation, and stops the exodus of talent and capital to other markets.”

Cryptocurrencies, Australia, Bitcoin Regulation
Reelected Prime Minister Anthony Albanese. Source: Anthony Albanese
BTC Markets CEO Caroline Bowler said that “beyond the political implications, this result sets the stage for meaningful progress in Australia’s approach to digital asset regulation.”

Lam noted that the UK released its draft regulations last week, stablecoin bills are moving forward in the US, and the EU has already implemented its MiCA legislation.

“So there's a very clear shift. Everyone's moving towards providing the regulatory framework that is needed for the industry to develop in a sustainable way. So time is really of the essence now.”
Draft crypto legislation within months
Treasurer Jim Chalmers’ office told Cointelegraph that exposure draft legislation would be released sometime this year for consultation, and any legislated reforms would be “phased in over time to minimize disruptions to existing businesses.”

Although the Treasury has draft legislation on “regulating digital asset platforms” and “payments system modernization” scheduled for release by the end of June, Lam isn’t confident. "I don't know whether this quarter specifically is still sort of the timeline,” she said.

While the ALP has been attacked by some over not taking any action in its first term in government, that may actually have resulted in a better outcome than legislation that took its cues from the approach of Joe Biden’s administration, which took a hard line on banks dealing with cryptocurrency and viewed most coins as securities.
Industry figures report a noticeable evolution in the government’s approach to crypto between when proposals were first put out for consultation at the end of 2023 and when the Treasury released its much more positive “Statement on Developing an innovative Australian digital asset industry” in March this year.
Cryptocurrencies, Australia, Bitcoin Regulation
Australia Votes running tally on the Australian election. Source: ABC
The statement sets out key priorities, such as using the existing Australian Financial Services License (AFSL) regime to underpin the regulation of Digital Asset Platforms and payment stablecoins. It’s focused on the safe custody of client assets by centralized providers and sidesteps issues around decentralized finance platforms.
Lam welcomed the use of the AFSL regime. “Obviously, we don't need to reinvent the wheel,” she said. “It’s something that people know and understand. It's a pretty sensible move, and it’s also going to be much easier for regulators.”
Tokenization and sandbox
The government will also review the Enhanced Regulatory Sandbox, which aims to provide space for innovative digital asset startups to grow free of red tape. The statement also highlights opportunities with tokenization.
Lam said the change in emphasis showed the government has been listening to the industry.
“It reflects the industry feedback that they would have received in 2023 as a result of the consultation, as well as the changing landscape because obviously it’s been evolving pretty quickly internationally,” Lam said.
“They do have the benefit now of looking at what has worked and hasn’t worked in other jurisdictions, and really building on those lessons.”
Dea Markovy, policy director at Fireblocks, told Cointelegraph that “a lot of the groundwork and research is done” and it was looking broadly positive.
“Of course, a lot of details are still to come around Australia’s Digital Asset Platforms (DAPs) regime. What is significant here is the willingness of the Government to cut through the complexity and uncertainty on crypto intermediaries licensing.”
The securities regulator ASIC released its own crypto regulations proposals (INFO 225) in December, and feedback from those consultations will help inform the government's new legislation.
“In essence, it details how different token issuances and crypto intermediation will fit into Australia’s existing securities legislation, providing for a transition period," explained Markovy.
The draft guidance suggests NFTs, in-game assets and memecoins are not financial products — the local equivalent of a “security” — while a yield-bearing stablecoin or a gold-backed token probably are.
The Treasury statement also highlighted issues with debanking. Lam said that simply regulating the industry would go a long way toward solving the issue.

“What we really want from governments and regulators is that clean licensing framework, because that goes a long way to mitigating the risk and giving the banks the comfort that they need,” she said. “And then, there’s probably going to need to be some additional guidance given to banks.”
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Putting idle stablecoins to work — Interview with Trust Wallet
Pro-crypto Democrats pull support for stablecoin bill in last minute
Pro-crypto Democrats pull support for stablecoin bill in last minute
US Bitcoin ETFs bought 6x more than BTC miners produced last week
A whopping 18,644 Bitcoin were scooped up by ETFs in the US over the past week, while only 3,150 BTC were mined.
US Bitcoin ETFs bought 6x more than BTC miners produced last week
Spot Bitcoin exchange-traded funds (ETFs) in the United States bought up nearly six times as many Bitcoin as were produced by miners over the last week.

The US-based Bitcoin
BTC
$94,706
funds bought a whopping 18,644 Bitcoin over the past week when only 3,150 BTC were mined for the period, reported asset allocator HODL15Capital on May 4.

This accumulation by institutions and ETF issuers represents almost six times the amount of the asset being produced since miners only generate 450 coins per day.

The total inflow for the past five trading days was around $1.8 billion, with a net outflow on April 30, according to Farside Investors. There has only been one outflow day since April 16, as the inflows have mirrored market recovery.

Last week’s accumulation followed an increase in BTC spot prices in early May when the asset gained 4% to reach a six-week high of $97,700 on May 2. However, the asset has since retreated to the $94,000 level, which is the same price it traded at this time seven days ago.
Spot Bitcoin ETF flows. Source: Coinglass
BlackRock’s iShares Bitcoin Trust (IBIT) is the industry leader, having seen almost $2.5 billion in inflows over the past five trading days and a streak of 17 days without an outflow.
“Spot Bitcoin ETFs have surged into a nearly $110 billion category, despite facing significant distribution hurdles,” said ETF Store president Nate Geraci in a blog post on May 3.
He added that many wealth management platforms still restrict or prohibit financial advisers and brokers from recommending or providing access to Bitcoin ETPs.
“That’s why I’ve said spot bitcoin ETFs are operating with one hand tied behind their backs. Imagine what might happen as these restrictions are lifted.”
Litecoin ETF decision due
Meanwhile, the Canary Capital spot Litecoin (LTC) ETF filing is due for a second deadline decision from the US Securities and Exchange Commission by May 5. The issuer filed for a spot Litecoin ETF alongside a spot XRP ETF in October.

“If any asset has a chance of early approval, it’s Litecoin IMO,” said Bloomberg ETF analyst James Seyffart on May 5. “Personally think a delay is more likely,” he added. Fellow analyst Eric Balchunas echoed the sentiment earlier this year.

More than 70 US crypto ETFs are awaiting an SEC decision this year, Bloomberg reported in April.

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest.

🔔 MARKET MOVING NEWS! (30/12/24)

1️⃣ Solana Co-Founder Sued By Ex-Wife Over Millions Worth Of Staked SOL ▶️
#solana
Solana co-founder Stephen Akridge has reportedly been sued by his ex-wife, Elisa Rossi, on allegations that he secretly earned “millions of dollars in staking rewards” from her share of SOL tokens. The complaint states that the pair’s March divorce agreement split ownership of SOL they owned. However, Rossi alleges that Akridge “took advantage of the significant disparity in expertise in cryptocurrencies” to keep control of the tokens and continue earning staking rewards from them.

2️⃣ Malaysia Orders Bybit To Halt Local Operations Over Registration Failure 🔍

Malaysia’s Securities Commission (SC) has reportedly ordered crypto exchange Bybit and its CEO Ben Zhou to suspend the platform’s website, mobile applications, and other digital platforms in Malaysia. It also ordered Bybit to cease all advertising activities to Malaysian investors and discontinue its Telegram support group for Malaysians. The regulator’s orders come on the grounds that Bybit operated a crypto asset trading platform without proper registration. The company has been given 14 business days to do so starting from Dec. 11. Notably, Bybit and Zhou have been included in the regulator’s Investor Alert List since July 2021 for the same regulatory violation.

In a post on the Bybit Malaysia Telegram channel, Bybit stated,

We understand that this may cause some inconvenience. Once we have secured the appropriate licenses, we look forward to reconnecting with you again in the future.

3️⃣ Monthly Bitcoin ATM Additions In Australia Hit 29-Month Streak 🔼
#AustraliaCrypto
According to data from Crypto ATM data tracker Coin ATM Radar, the number of Bitcoin ATMs in Australia has increased monthly for over two years. Specifically, it shows that Australia has maintained a net positive addition of Bitcoin ATMs for the last 29 months. The country now reportedly has a total of 1,359 ATMs, which account for 3.5% of all Bitcoin ATMs globally. While the percentage may seem low, Australia ranks third in the number of Bitcoin ATMs globally. In fact, the number of Bitcoin ATMs in Australia is now almost on par with the amount found in Europe.

4️⃣ Ai16z Considers Tokenomics Overhaul And Launching Layer 1 Blockchain ‼️
#Ai6z
AI agent platform ai16z is reportedly considering launching a Layer 1 blockchain and adjusting its tokenomics. The report states that the team has engaged in initial discussions with contributors to improve the value accrual of its token. The governance proposal states that it plans to introduce a token launchpad similar to pump.fun in the first quarter of 2025. This platform will reportedly be used to deploy AI projects based on its Eliza framework, with its native token to be used as the base currency for agent-to-agent interactions. The launchpad could possibly implement various value capture mechanisms, including launch fees, ai16z token staking for access, and strategic liquidity pool pairings.

5️⃣ Hong Kong Legislator Proposes Adding Bitcoin To National Reserves 💸
#HongKongFinance
Wu Jiexhuang, a Hong Kong legislator has reportedly proposed that the special administrative region enact a policy to include Bitcoin in its national reserve for financial security. Jiexhuang cited the examples of smaller nations, such as El Salvador and Bhutan, as well as certain US states which have integrated Bitcoin into their strategic reserves. He also added that US President-elect Donald Trump’s proposal to make Bitcoin a strategic reserve asset could have a significant impact on traditional markets. Jiexhuang also suggested that the region should take advantage of China’s “one country, two systems” policy to try including Bitcoin in ETFs before exploring additional ways to increase Hong Kong’s Bitcoin holdings.
#BinanceAlphaAlert $BTC

Australian financial regulators allege that Brendan Gunn handled funds suspected of being proceeds from criminal activities involving "victim investors" who deposited money for cryptocurrency conversion.
Olympic Athlete’s Brother Accused of Money Laundering in Crypto Scheme
The Australian Securities and Investments Commission (ASIC) has charged Brendan Gunn, the brother of Olympic breakdancer Rachael Gunn, for allegedly engaging in financial transactions linked to potential criminal proceeds. Gunn was operating a fiat-to-crypto conversion company and is now facing legal consequences.
In an official statement released on March 5, ASIC announced that Gunn has been charged with one count of dealing with funds suspected to be proceeds of crime.
“Gunn allegedly processed two bank cheques totaling $181,000, originating from four separate investment transactions made by three victim investors who had deposited funds for conversion into cryptocurrency,” ASIC stated.
Rachael Gunn – From Olympic Fame to a Family Scandal
Rachael Gunn, widely known as "Raygun", gained internet fame for her breakdancing performances at the 2024 Olympics. One of her standout moments was mimicking a kangaroo during her routine, which quickly went viral.
Despite being eliminated early and losing all three of her matches, her brother praised her performance. However, now Brendan Gunn finds himself in the spotlight for an entirely different reason—a crypto-related criminal case.
ASIC: Gunn Ignored Multiple Warnings About Fraud Risks
According to ASIC, Gunn was the director of Mormarkets, a company that facilitated deposits for cryptocurrency conversion.
The regulator alleges that Gunn repeatedly opened new bank accounts under Mormarkets' name to continue accepting and transferring deposits despite multiple account closures due to fraud concerns. ASIC further stated that Gunn was made aware of these concerns but continued his operations regardless.
Gunn Faces Prison Time and a Hefty Fine
Brendan Gunn appeared in local court on March 4, with his next hearing scheduled for April 29. If convicted, he faces a maximum sentence of three years in prison, a fine of $37,800, or both.
ASIC Chairman Joe Longo emphasized that the regulator remains committed to detecting and preventing fraud in financial services and cryptocurrency markets.
No public statements have been issued by Gunn’s legal team regarding the case.
Australian Authorities Tighten Crypto Regulations
This case emerges at a time when Australian regulatory bodies are intensifying their oversight of the crypto sector.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) recently took action against 13 remittance service providers and crypto exchanges in February. Additionally, more than 50 other entities are currently under investigation for potential compliance breaches.
In December 2024, AUSTRAC CEO Brendan Thomas stated that the regulator is shifting its focus toward the cryptocurrency industry for 2025, particularly targeting crypto ATM providers suspected of violating anti-money laundering laws.
Moreover, ASIC issued a consultation paper in December, proposing that most digital assets be classified as financial products, which would require crypto businesses to obtain proper licensing to operate legally.

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