Australia Plans Crypto Framework in 2023

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n 2023, Australia is launching a regulatory structure for crypto currency service providers with the ultimate aim of protecting consumers. This framework will outline which digital assets should abide by financial services laws as well as stipulating regulations to ensure consumer security.

In 2023, the Australian government will launch a comprehensive licensing and regulatory framework for crypto service providers in order to promote transparency and participation in this burgeoning market.

The Albanese government is determined to determine which digital assets are subject to financial services laws and then create relevant rules for consumer safety.

"The next steps in the Government’s ongoing ‘token mapping’ work will include the release of a consultation paper in early 2023 to inform what digital assets should be regulated by financial services laws, and the development of appropriate custody and licensing settings to safeguard consumers,"A joint announcement by both parties declared.

Despite Albania's efforts to manage crypto service providers in Australia, the government won't pass any laws until it has consulted on its intended custody and licensing framework.

Mike

An editor at Coincrop

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Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.