Australia plans to establish a framework for licensing and regulating crypto asset service providers in 2023. Australian Prime Minister Anthony Albanese aims to define which digital assets should be subject to financial services laws and what rules should be in place to protect consumers.
In a media release, the Australian government issued the following statement:
“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.”
Although Australia seems to lag behind many countries such as Indonesia and Singapore in cryptocurrency adoption rankings in the Asia-Pacific, the reports made at different times by Statista, Capterra and Finder revealed that Australians who use cryptocurrencies are more conscious than crypto investors in many countries. A survey by a global cryptocurrency exchange in the past months also showed that 43% of Australians currently holding cryptocurrencies made their first investments in 2021. And this shows that the country is at the beginning of the road in terms of the cryptocurrency ecosystem.
