The Australian government says it is working to ensure regulation of crypto assets protects consumers and positions the economy to take advantage of new digital products and services. To achieve these goals, the Australian government has stated that it plans to reform the licensing and custody of crypto assets.
The government said it would place particular emphasis on cryptocurrencies that are not currently part of the financial services regulatory framework. The government led by Anthony Norman Albanese said it also intends to hold crypto asset service providers to what it calls a set of obligations and operating standards. The statement added that such standards are designed to protect customers’ digital funds.
Regarding the design of the regulatory and licensing framework, the Australian government said it would begin a public consultation process in mid-2023 to allow for adequate consultation before introducing legislation.