Australian Government Says It Is Working to Ensure ‘Regulation of Crypto Assets Protects Consumers’ – The Australian government has said it is working to ensure the regulation of crypto assets protects consumers as well as to position the economy “to take advantage of new digital products and services.” To achieve these goals, the Aussie government said it plans to “reform the licensing and custody of crypto assets.” Special emphasis will be given to a subset of cryptocurrencies “that currently fall outside the financial services regulatory framework,” the government said.
The Anthony Norman Albanese-led government recently released a statement on February 3rd in which it announced its intention to regulate the crypto asset industry. According to the statement, the government plans to impose a set of operational standards on crypto asset service providers to ensure the safety of customers’ digital assets. Furthermore, the government intends to establish a framework for custody and licensing, and to involve the public in the process through a consultation period starting in mid-2023.
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The purpose of the consultation period is to gather feedback and input from relevant stakeholders prior to the introduction of legislation. Additionally, the government led by Prime Minister Albanese stated that although prompt actions have been taken to safeguard the interests of consumers, additional measures need to be implemented to ensure their full protection.
The government added: “A consultation paper released today explores in detail which elements of the crypto ecosystem are sufficiently regulated and which require additional attention. This will enable the Government and stakeholders to focus on regulatory gaps and ensure that emerging risks are identified and controlled.” The statement also said while the Australian government is open to working with stakeholders it nonetheless wants this done in an orderly fashion.
Doing this allows the government to “get the policy settings right to protect consumers and support innovation in this emerging sector.” The Australian government has taken steps to protect consumers in addition to announcing plans for a crypto custody and licensing framework. These steps include expanding the crypto team at ASIC, preventing scams, and identifying potential money laundering or terrorism financing.
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