Australia Is Set To Improve Its Regulatory System For Crypto
Australia is set to improve its regulatory system around crypto assets. The move comes as the country looks to better protect investors and ensure that businesses operating in the space are compliant with anti-money laundering and counter-terrorism financing laws.
The Australian Treasury will token map the Australian crypto market ths year:
- It will seek to uncover the characteristics of all digital asset tokens available in Australia. That will include the type of crypto asset, their underlying code and any other defining technological features.
- The mapping will be used to determine which crypto assets are already subject to financial services law and non-financial products that may fall under a different category of legislation. This will help product managers make better decisions about which assets to include in their project.
Australian Treasurer Chalmers:
- “The aim will be to identify notable gaps in the regulatory framework, progress work on a licensing framework, review innovative organisational structures, look at custody obligations for third-party custodians of crypto assets and provide additional consumer safeguards.”
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