Crypto News

Australia Tighten its Crypto Rules for their Service Providers in 2023

In 2023, Australia planned to tighten its crypto rules.

The Treasury Department of Australia, the Government ministerial department responsible for economic policy, fiscal policy, and the Australian federal budget, wants to enhance crypto-related rules and regulations for its service providers in 2023.

According to press reports shared by Australia’s Treasurer Jim Chalmers MP or Assistant Treasurer and minister for Financial Services Stephen Jones, in the next year, The Albanese Government plans to establish a legal framework for regulating and licensing crypto service providers.

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Furthermore, The governmental agency plans to release a consultation paper at the start of 2023. The investigation will study how to regulate crypto assets, license crypto businesses, and protect customers. 

The government will issue a consultation document at the beginning of 2023 to evaluate whether digital assets should be governed by financial services regulations and to develop consumer-protecting custody and licensing arrangements

The Press underlined that the Government “will consult on a custody and legalize framework” Before making the legislation.

The Treasury highlighted that the new law would prioritize the protection of Australians and their assets.

Following the disastrous fall of the cryptocurrency exchange FTX, a number of nations are looking to improve crypto rules. Multiple sources disclosed at the start of December that the United Kingdom Treasury and the Thai Securities and Exchange Commission (SEC) want to tighten their crypto rules.

The Treasury of the UK apparently seeks to restrict international firms from selling their products and services in the British Market and restrict cryptocurrency advertisements.

The Thai SEC intends to work on legislation “safeguarding investors’ assets, regulating marketing and product promotions, eliminating conflicts of interest, and bolstering cybersecurity.”

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