The Australian government has released a new consultation document aimed at regulating cryptocurrency exchanges and protecting consumers from potential risks. The proposed regulatory framework will apply to digital asset service providers that pose similar risks to traditional financial institutions. The government plans to utilize existing regulations for traditional financial institutions as a guide to regulate crypto activities in the country. The consultation paper emphasizes the need for consistent oversight and safeguards for consumers and aims to bring Australia’s digital asset framework in line with global standards.
However, the paper acknowledges the fast-paced nature of the crypto industry and states that the implementation of the proposed framework is subject to future legislative design and development. The framework aims to achieve several objectives, including safeguarding consumer interests and fostering innovation. It also emphasizes the importance of establishing a fair and equitable landscape for both traditional financial institutions and digital asset finance organizations. The consultation paper suggests further clarity could be achieved by amending existing laws to regulate specific activities involving digital assets that do not fall under the category of financial products.
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