Earlier today, on December 14, 2022, the Australian government announced its goal to improve the crypto regulations in the country. The government intends to create a more robust set of rules and regulations for the crypto industry with a consultation paper that will be released in the first quarter of 2023. The paper will disclose the sets of virtual assets the government will want to regulate.
The Crypto Industry Has To Be Safer
The Australian government made public earlier today, on December 14, 2022, its plans to make the Australian crypto industry much better. According to the memo released, the government is making plans to make overwhelming changes in the financial services laws of the country.
This is apparently in a bid to ensure that the Australian crypto space becomes much more stable and secure. A new consultation paper will be made public, and it will be the original framework for other plans to ensure that a payment system will be endorsed by 2023.
Jim Chalmers, who is the Treasurer of Australia, noted that the finance industry is constantly undergoing new changes and admitted that the Australian regulatory frameworks can barely keep up with the constant changes. And as such, he stated that the government’s focus is now directed towards fixing the gap and ushering in a financial system that is much stronger and more secure.
Top on the list of things the Australian government wants to change is the scantiness of regulations as regards the crypto lending industry. In order to make its crypto lending space safer, the Australian government is looking to roll out regulations about licencing and crypto custody.
The Crypto Industry To Embrace The Change
The entire global crypto industry has to learn to embrace the change in its regulatory framework. Since the fall of the crypto exchange FTX, many experts have called for the need to have regulations that are all-encompassing and quite uniform, and more than enough international bodies have been set to work.
On his last day in office, the outgoing Secretary General of the Financial Stability Board, Dietrich Domanski, emphasised the need to be quick and stated that it is quite urgent to take meaningful steps toward adequate regulation.
As it is, we cross our fingers and await more “Regulatory Efforts” news from other global crypto industries.
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