Yet another country is looking to tighten its crypto regulations in 2023.
The Department of the Treasury in Australia, the Government ministerial department responsible for economic policy, fiscal policy, and the Australian federal budget, is planning to improve crypto-related regulations and rules for its service providers in 2023.
According to the media release shared by Australia's Treasurer Jim Chalmers MP and Assistant Treasurer and Minister for Financial Services Stephen Jones, in the new year, the Albanese Government aims to establish a regulatory framework for regulating and licensing crypto service providers.
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On top of that, the governmental agency is planning to launch a consultation paper at the beginning of 2023. The report is set to cover how certain crypto assets should be regulated, a new framework for licensing crypto firms and consumer protection.
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.”
The media release highlighted that the Government “will consult on a custody and licensing framework” before making the legislation.
Most importantly, the Treasury emphasized that new regulations will focus on safeguarding Australians and their funds.
After the dramatic fall of the crypto exchange FTX, several countries are looking to strengthen their crypto regulations. At the beginning of December, various sources revealed that the Treasury of the United Kingdom and the Thai Securities and Exchange Commission (SEC) is planning to tighten their crypto regulations.
The Treasury of the United Kingdom is reportedly looking to limit foreign companies from selling their products and services in the UK's market and restrict crypto advertisements.
The Thai SEC is looking to work on regulations "protecting investors' assets, governing advertisements and product promotions, preventing conflicts of interest, and strengthening cybersecurity."