Australian government says it is working to ensure ‘regulation of crypto assets protects consumers’
According to the Australian government, it is “sworn to ensure the regulation of crypto assets and to protect consumers” as well as to bring the economy back “to the advantage of the latest digital products and services”. In order to achieve these goals, the Australian government states that it plans to “reform the licensing and custody of cryptocurrency assets”. Special emphasis will be placed on subsets that are currently “definitely outside the financial services regulatory framework”.
In a statement dated February 3, the government led by Anthony Norman Albany states that it intends to introduce what it calls “a set of liability and operational standards” for crypto assets service providers, and the statement states that It is believed that the purpose of such standards is to protect the digital funds of the customers as well as the appreciation of those funds. In relation to the design of a custody and licensing framework, the Australian Government states that it plans to undertake and conduct a public consultation process to allow for adequate consultation prior to the introduction of legislation in mid-2023 will offer to organize the plan. Along with this, the Prime Minister said in the statement that immediate steps have been taken for the protection of consumers and they need to be taken and work needs to be done to be taken and if those steps have already been made then they should be expanded. needs to be done. The government adds that today’s consultation paper reveals which elements in the crypto ecosystem are adequately regulated and which are subject to adequate attention remains to be seen and that the government and stakeholders need to address regulatory gaps. Will help to focus and ensure the identification and control of emerging risks as well as help to act on them. The statement also says that the government of Australia is ready to work with the holders but still wants to adopt it in an orderly manner and ensure that through the same means and to do so the government needs to “protect consumers”. and to fine-tune further policy processes to support innovation in this emerging sector”.
In addition to the planned crypto custody and licensing framework, the Australian government has also stated that it has already taken a number of steps to ensure consumer safety and overall security, and some of these steps are being implemented by the Australian Securities and Regulation Commission’s cryptocurrency team. The size of the key is also included in the span. The steps taken to prevent scams as well as to prevent activities like money laundering and terrorism and to trace the institutions that finance them would be the best step that has been listed.
