In August 2022, the government of Australian Prime Minister Anthony Albanese made an important announcement. He spoke about a move that the authorities will implement to improve regulation of the crypto sector in Australia. approach was to adopt A more serious approach to determining what is in an ecosystem It also aims to identify What are the risks to consider first 6 months after the announcement, Australia publishes a document indicating that cryptocurrency regulatory work is moving forward.
Australia will unveil new crypto regulations in 2023
Last December, Australia announced stricter regulations for the crypto sector, starting in 2023. The country is now working on an appropriate regulatory framework that it intends to unveil this year. To this end, the Australian government has issued a symbolic mapping advisory paper. stakeholders have Until March 2, 2023 to submit answers au document.
The document in question states:Token mapping is the process of identifying key product activities and functions in the crypto ecosystem and mapping them to existing regulatory frameworksAngela Ang, senior policy advisor at blockchain intelligence firm TRM Labs, responded to the matter.
In fact, the former regulator of the Monetary Authority of Singapore announce : «The practice of token mapping in Australia is the first of its kind by a national government, going back to the first principles of understanding cryptocurrency and mapping it out to the existing regulatory framework.».
Australia’s plan to regulate cryptocurrency
The Australian government’s advisory paper outlines plans to regulate cryptocurrencies. He noted that the authorities intend to publish another consultation document that will be available in the middle of the year. The relevant document will be proposed Delegation and custody framework For encryption service providers.
The forthcoming consultation document has two main objectives. On the other hand, it will define the appropriate operational obligations and standards for cryptographic service providers. On the one hand, it will determine how these providers will hold the assets of their customers.
While working to regulate the crypto sector, Australia is working to launch a pilot CBDC program this year. At the same time, two major Australian banks are planning to develop a stablecoin.
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