As every region begins to take the topic of crypto laws more seriously, Australia also plans to create a regulatory framework that will oversee the work of digital currency providers in 2023.
Part of this system will deal with licensing, housing, processing and verification of digital assets under the Financial Services Act. It will also discuss laws related to consumer protection.
The Australian government under Prime Minister Anthony Albanese plans to release an advisory document in the first quarter of next year. According to Treasurer Jim Chalmers and Deputy Treasurer Stephen Jones, this research document will help regulate digital assets that are legal. It is after this discussion that the law will be announced when the final decision will be made.
The joint press release said: “Further developments in the government’s ongoing ‘token mapping’ project will include the release of a consultation document in early 2023 to identify digital assets that should be regulated from financial services; and the development of restrictions and licenses. Covered to protect consumers.
Australia is building its financial services infrastructure
Along with adjusting crypto regulations, the Australian government is making major changes and updating its financial services laws as they relate to payments.
The Albanian government is in the process of creating a system for Buy Now Pay Later (BNPL) and a “strategic plan” that will include companies, consumers, regulators and other business representatives. Chalmers spoke about the need for many changes in his financial services infrastructure, he said, “The only thing that is constant in finance is change. It is fast, busy and the system we have not prepared. Our reforms aim to start addressing this issue in pursuit of a strong and secure financial system.
It should be noted that the volume of bankruptcies filed this year, including those of Celsius Network, Voyager Digital and Arrow Arrows Capital (3AC), along with the new vision of the FTX Derivatives Exchange, forced regulators in various regions to raise the bar. The Financial Stability Board (FSB) has announced plans to issue guidelines for crypto regulation in 2023. In addition, the International Monetary Fund (IMF) is advocating for stronger crypto laws in Africa, especially in countries like Nigeria, which has a rapidly growing crypto ecosystem.
