- Australian regulators are looking to tighten regulation of cryptocurrencies.
- A consultation paper on digital asset regulation will be prepared in 2023.
- Regulators will discuss defining a licensing framework for crypto businesses.
Today, the Australian government announced that it is taking appropriate steps to tighten regulations on crypto service providers. As such, the Australian regulator plans to issue a consultative paper in early 2023 to determine which digital assets are subject to regulation.
Since the demise of FTX, Australian regulatory and enforcement authorities have paid more attention to the cryptocurrency industry by highlighting the urgency of enacting stricter consumer protection regulations.
The government is “taking action to improve regulation of crypto service providers and ensure additional protection for Australians,” Treasury Secretary Jim Chalmers said in a statement.
Chalmers said the tokenization consultation paper addresses concerns about various cryptocurrency regulations and frameworks for business licensing, asset retention, and consumer protection.
Chalmers continued:
Following the release of Token Mapping, the government plans to discuss a custody and licensing framework before implementing next year…
The Australian Regulator’s Eye Cryptocurrency Regulations Post for 2023 first appeared in Coin Edition.
Watch the original on CoinEdition
