The Australian Government is taking steps to make sure that regulations related to crypto assets shield consumers. The Anthony Norman Albanese-led authorities has released a session paper that outlines which elements of the crypto ecosystem are already regulated, and which require further attention.
Putting Consumers First
The Australian Authorities has indicated it is working to ensure that rules and regulations pertaining to crypto assets safeguard customers. In addition, the federal government is doing its best to make sure that the economy is in a position to take advantage of new digital products and services.
Thus, the government is looking to reform the licensing and custody of crypto assets and also address areas that are currently not under the financial services regulations.
On Feb. 3, the Australian Authorities released a press release that mentioned it is looking to impose a set of obligations and operating standards on crypto asset service providers. The steps taken will be aimed at protecting clients’ digital assets.
Assessing Regulatory Gaps and Avoiding Emerging Risks
The authorities has also stated that it has taken immediate steps to protect consumers, but there is still a lot more work that needs to be done. The government also acknowledged that the session paper released will help it and other stakeholders to identify regulatory gaps and ensure emerging risks can be managed.
The government is open to working with stakeholders in an orderly manner to set the right policies to protect customers and support innovation in this emerging sector.
The licensing and custody framework for crypto assets is also being developed. The government has taken a few steps to protect consumers, such as increasing the size of the Australian Securities and Investment Commission’s Crypto Crew and making sure that the cryptocurrency industry is not being used for money laundering or terrorist financing.
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