In the wake of the FTX collapse, Australia's Treasury (Treasury_AU) has promised to establish a framework for the licensing and regulation of crypto service providers in 2023. By amitoj
The move is part of a plan to modernise Australia’s financial system and comes in the wake of the FTX collapse that forced the management of its Australian entities to hand over control to licensed insolvency practitioners who independently assess the financial situation.
"Unfortunately, our regulatory architecture has not kept pace with changes in the market," said the joint release by Australia's Treasurer Jim Chalmers MP and Assistant Treasurer and Minister for Financial Services Stephen Jones."In many areas, the previous government sat on its hands. In other areas, it made announcements but didn’t deliver."
The framework for the licensing and regulation of crypto service providers will be part of"a strategic plan for the payments system" of Australia set to be released in the first quarter of 2023 for which a consultation paper was released simultaneously. Theinvites feedback till Feb. 6, 2023 and touches upon various aspects of the crypto eco system including digital wallets, stablecoins, crypto-assets, and central bank digital currencies.
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