In 2023, the Australian government intends to develop a licensing and regulatory framework for crypto service providers.
Specifically, the Albanese government intends to clarify what digital assets should be subject to financial services legislation and what controls are acceptable to defend customers.
Australia Moves to Tighten Safety Around Crypto in 2023 . The Australian government has promised to establish a framework for the licensing and regulation of crypto service providers in 2023, the nation’s Treasury announced on Wednesday.
— Alan (@yuzhu74223509) December 14, 2022
According to a joint media release, the next moves in the government’s “token mapping” work include releasing a consultation paper in early 2023. This aims to inform what digital assets are regulated by financial services laws and develop appropriate custody and licensing settings to protect consumers.
Though the Albanese administration is taking action about regulating crypto service providers in Australia, actual legislation won’t come before the government consults on its intended custody and licensing structure.
In addition to cryptocurrencies, the government wants to expand Australia’s payment systems and financial market infrastructure in 2023 and build a regulatory framework for Buy Now Pay Later.
