Australian Crypto Regulations Will Usher in Financial Overhaul
By Mark Hunter
20 hours agoFri Dec 17 2021 12:08:24
Reading Time: < 1 minute
- A radical plan to implement cryptocurrency regulations in Australia was announced yesterday
- The plan is being seen as the biggest shakeup to the country’s financial system in 25 years
- A number of government departments are involved, with the Treasury heading up the plans
Australian cryptocurrency regulations currently under discussion would represent the biggest financial policy shift in 25 years, according to reports from the country. Treasurer Josh Frydenberg’s plan for new crypto regulations has been touted as the biggest overhaul of the country’s payments system in over two decades, and will include a licensing regime and new custody rules for assets, showcasing the growth of cryptocurrency in Australia.
Treasury Takes Control of Crypto Regulations
News of the planned crypto regulations came yesterday when the quarterly Council of Financial Regulators’ report included a statement that endorsed the treasurer’s plans to create a regulatory framework for digital assets and map out next steps.
The Council of Financial Regulators comprises the Australian Reserve Bank, the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission, and the Treasury, which will create and enforce the new laws.
Working Group Comprised of Several Government Departments
A new Working Group on the Regulation of the Crypto-Ecosystem will be tasked with implementing the crypto-asset reforms and making any changes along the road, while a separate working group will focus on de-banking in the fintech, crypto-asset and remittance sectors, as well as the government’s request for advice on policy responses. This group also includes the council members, along with the Australian Competition and Consumer Commission, the Australian Transaction Reports and Analysis Centre and the Department of Home Affairs.
Australia announced a national blockchain roadmap in 2018, which saw Australian blockchain projects awarded $100,000 AUD for development of the nascent sector.
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