In light of the worrying events that have transpired in the crypto market over the past few weeks, the government of Australia has moved to ramp up safety and regulation for crypto. Australian Treasury seeks to set up a regulatory framework According to the island nation’s Department of Treasury, reforms are required to modernize Australia’s […]
In light of the worrying events that have transpired in the crypto market over the past few weeks, the government of Australia has moved to ramp up safety and regulation for crypto.’s Department of Treasury, reforms are required to modernize Australia’s financial system in order to respond to future challenges.by the Treasury, a framework for the licensing and regulation of crypto service providers will be established in 2023.
The Australian government has also announced that it will release a consultation paper in early 2023. This will help regulators determine which digital assets should be regulated by financial services laws. The consultation paper will also provide clarity on appropriate custody and licensing settings to protect consumers.Australian Treasurer Jim Chalmers has clarified in histhat the government will consult on matters relating to its ongoing token mapping work, before introducing any legislation.
The treasurer acknowledged the opportunities and risks associated with a nascent technology like blockchain. According to him, the government of Australia plans to foster innovation while making sure that the investors are protected by proper regulations in place.The proposed consultation paper will address various elements of the crypto ecosystem, including stablecoins and central bank digital currencies .
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