🦘 Australia 🇦🇺: new cryptocurrency regulation on the horizon

🦘 Australia 🇦🇺: new cryptocurrency regulation on the horizon

The regulation will impact operators, exchanges, digital asset platforms, as well as custodial services and brokers.

➡️ A statement from the Treasury mentions tokenization, real-world assets (RWA), and central bank digital currencies (CBDC) as part of a broader plan to modernize the financial system. The new structure will allow stablecoins to be treated the same way as more traditional payment methods.

➡️ Platforms will need to obtain the Australian Financial Services License. Small businesses and firms that do notprovide financial services (including software developers) will be exempt from this requirement.

➡️ The framework aims to reduce the risks associated with cryptocurrencies by strengthening reporting requirements for digital asset issuance and reserve verification.

➡️ When? The proposed legislation will be released for public consultation this year. However, for it to move forward, the Labor Party— which is backing the proposal—must first win the elections.

➡️ Context: Currently, 3.9 million Australians own cryptocurrencies in some form, and 59% of them have stated they will vote for the most crypto-friendly party, according to a recent poll.

The law is therefore likely to be approved.

#news #Australia #crypto

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