Australia Prepares to Regulate Cryptocurrency Service Providers in 2023
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Australia Plans to Regulate Crypto Service Providers
According to a joint press release, the government's continuing token mapping work will continue with the rollout of a consultation document in initial 2023. The release is to determine which digital assets should be covered by financial services legislation and the creation of suitable custody and licensing frameworks to protect consumers.
Despite the fact that the Australian government is acting to regulate cryptocurrency service providers in Australia, formal legislation won't be passed until after consultations on the proposed licensing and custody system.
Buy Now Pay Later Sector
The government established reform legislation on financial market infrastructure, notably with respect to the transfer service, payments networks, and the Buy Now Pay Later sector, as part of a campaign to modernize Australia's financial system, which also includes a focus on cryptocurrencies.
Australia's government has generally supported crypto. However, it has emphasized the value of promoting innovation while safeguarding the public.
Stablecoins to Enhance Financial Services
The Reserve Bank of Australia (RBA) reported on stablecoins on December 8 and said that authorities are undergoing extensive efforts to determine how to integrate them securely into the ecosystem.
The paper said that Stablecoins have the opportunity to enhance the functioning and effectiveness of a variety of payment and other financial services.