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Australian Regulators Eye Cryptocurrency Regulations in 2023 By CoinEdition

Australian Regulators Eye Cryptocurrency Regulations in 2023
  • Australian regulators are looking to tighten cryptocurrency regulations.
  • A consultation paper regarding the digital assets regulations is coming in 2023.
  • Regulators will consult on defining the licensing framework for crypto businesses.

Today, the Australian government announced that it is taking adequate measures to tighten regulation for crypto service providers. As such, Australian regulators plan to publish a consultation paper in early 2023 to determine which digital assets they intend to regulate.

Since the FTX collapse, Australian regulatory and enforcement authorities have paid more attention to the cryptocurrency industry, with the government stressing the urgency of enacting stricter consumer protection regulations.

The government is “taking action to improve the regulation of crypto service providers and ensure additional safeguards for Australians,” Treasurer Jim Chalmers noted in the statement.

Chalmers has stated that the consultation paper on tokenization would address concerns regarding regulation for various crypto assets and frameworks for licensing businesses, holding assets, and protecting consumers.

Chalmers continued:

Following the release of token mapping, the Government will consult on a custody and licensing framework next year before introducing …

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