Australia plans to establish a regulatory framework for crypto service providers in 2023
In the year 2023, Australia intends to put in place a system for the licensing of crypto service providers.
The government of Australia intends to set up a framework for licensing and regulating crypto service providers In 2023.
To be more specific, the goal of the Albanese government is to determine what kinds of digital assets need to be governed by laws pertaining to financial services and what kinds of regulations are necessary to protect customers.
According to a joint media release, “the next stages in the Government’s continuing ‘token mapping’ work will involve the production of a consultation paper in early 2023 to inform what digital assets should be regulated by financial services laws, and the creation of suitable custody and licencing arrangements to protect consumers.” The document will inform what digital assets should be regulated by financial services laws and will provide information on what digital assets should be regulated by financial services laws.
In spite of the fact that the Australian government is taking steps toward the regulation of cryptocurrency service providers in the country, formal legislation won’t be introduced until after the government has consultations on its proposed custody and licencing system.
In addition to cryptocurrencies, the Australian government intends to, in the year 2023, both enhance the country’s payment systems and the infrastructure of its financial markets, as well as build a legal framework for the Buy Now Pay Later system.