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ASX to rise as Frydenberg moves to make Australia 'world leader' in crypto

·2-min read
Treasurer Josh Frydenberg and the ASX board.
The Federal Government will look to make Australia a "world-leader" in crypto. (Source: Getty)

Good morning.

ASX: The local market is expected to start the day in the green after a positive session on Wall Street.

This comes after Australia's share market had its best day in more than two months yesterday as investors lapped up the RBA rates decision and became less concerned by the Omicron variant.

Wall St: US markets had a bumper session overnight with tech shares leading the charge on easing concerns around the Omicron variant, while Intel jumped after it announced plans to take its self-driving car unit public.

BTC: Bitcoin started regaining some of its losses after falling as low as US$43,000 over the weekend - threatening hopes the crypto will hit US$100,000 by the end of the year.

This comes as an Australian man won a legal dispute in the US, allowing him to keep US$50 billion in Bitcoin after he claimed to be it’s inventor.

Property: Is an increase in investor activity going to put pressure on property prices? That is what Michael Yardney aims to answer in this week's property update. Watch below.

Crypto regulation: Treasurer Josh Frydenberg is set to announce a payments and cryptocurrency asset "reform plan" he says will put Australia at the front of the pack.

Early next year, he plans to begin talks on a licensing framework for digital currency exchanges that will regulate the purchase and sale of cryptocurrency assets.

With more than 220 million participants, global cryptocurrency assets are now worth more than $2.8 trillion (US$2 trillion).

Hidden fees: Small businesses are paying the price for technology that is changing how consumers behave, according to their peak body.

The Council of Small Business Organisations Australia (COSBOA) has called a payments summit today to help members understand complex merchant fees and demand regulatory attention.

Consumers don't know that using a debit card through a mobile phone can increase merchant fees up to six times for their local shop, cafe or servo, COSBOA chief executive Alexi Boyd told AAP.

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