“The Australian Ministry of Finance has published a plan for the development of cryptocurrency legislation in the country. It envisages the creation of a regulated ecosystem that combines innovations with consumer protection. The corresponding bill will be presented for public discussion this year. It will regulate exchanges and cryptocastians within the existing financial services legislation. Companies are expected to comply with the rules of protection of customer assets and minimum capital requirements, as well as to receive AFSL license. According to […]”, – WRITE: Businessua.com.ua
The Australian Ministry of Finance has published a plan for the development of cryptocurrency legislation in the country. It envisages the creation of a regulated ecosystem that will combine innovations with Consumer rights protection.
The corresponding bill will be presented for public discussion this year.
It will regulate exchanges and cryptocastians within the existing financial services legislation. Companies are expected to comply with customer protection rules and minimum capital requirements, as well as receive a license Afsl.
According to the Ministry of Finance, the reforms will not affect all the participants in the digital economy. Small platforms, blockchain developers and companies whose products do not belong to the financial category will not fall under new rules.
Payment steiblcoins will be regulated similarly to traditional systems. However, some “stable coins” and wrapped tokens will be released from tax.
As part of the program, the Government will work with the four largest banks of Australia to study the problem of crypto companies – refusal to provide services.
CBDC studies and regulatory sandboxes are also planned to make firms to test financial products without a license.
The Federal Elections that will take place on May 17 or earlier may affect the future of reforms. They will meet the Labor Party of Prime Minister Anthony Albanese and an opposition coalition led by Peter Datton.
The opposition coalition has already stated plans for priority regulation of the crypto industry in case of victory.
The BTC Markets Head Caroline Baler has stated Cointelegraph that the proposed reforms will help Australia to remain competitive globally.
However, she urged to clarify the issues of capitalization and castedial requirements so that they do not hold back investments.
Kraken Australia Managing Director Jonathan Miller added that the urgent need for new laws is related to legal uncertainty and debaning that hinder the development of the industry in the country.
Recall in December 2024 Asic Accused Binance of breach of consumer rights. According to the regulator’s application, this has led to great losses from risky derivatives.
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