Australian tokens will be in 2023-Treasury
2022.12.14 01:08
Australian tokens will be in 2023-Treasury
Budrigannews.com – As part of its token mapping initiative, the government will release a consultation paper in early 2023, according to Australian Treasurer Jim Chalmers.
The crypto area has gotten more noteworthy consideration from Australian administrative and authorization organizations since the FTX collapse, with the public authority stressing the significance of giving more noteworthy buyer insurance regulations at the earliest opportunity.
Treasurer Chalmers said that the government led by Anthony Albanese is “taking action to improve the regulation of crypto service providers and ensure additional safeguards for Australians” in a statement on December 14.
As part of that process, Chalmers revealed that the frameworks for company licensing, asset custody, and consumer protections in its previously announced token mapping exercise will be included in the consultation paper. Additionally, it will discuss how certain crypto assets should be regulated.
“The next steps in the Government’s ongoing ‘token mapping’ work will include the release of a consultation paper in early 2023 to inform what digital assets should be regulated by financial services laws, and the development of appropriate custody and licensing settings to safeguard consumers.”
He added, “The Government will consult on a custody and licensing framework next year before introducing legislation following the release of token mapping.”
The Treasury’s promise in mid-November that it would develop and implement a robust regulatory framework for cryptocurrency in 2023 is strengthened by Chalmers’ most recent remarks.
The government has set reform regulations on financial market infrastructure, particularly in relation to the clearing system of the Australian Securities Exchange (ASX), payment systems, and the Buy Now Pay Later sector. The focus on cryptocurrencies is also part of a push to “modernize Australia’s financial system.”
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The government of Australia has largely supported crypto, but it has reiterated the significance of allowing for innovation while maintaining public safety.
The Reserve Bank of Australia (RBA) released a stablecoin-focused report on December 8 that suggested the authorities are “undertaking significant work” to determine how to safely incorporate them into the ecosystem.
According to the report, “Stablecoins have the potential to improve the efficiency and functionality of a variety of payment and other financial services.”
