Australia has announced that it will build a new framework to guide and regulate crypto activities. According to the report, the country wants to create a modern financial system that will kick off in 2023. However, the report mentioned that executives in the country were disappointed at the regulatory framework for crypto. Most of them said that the present framework needed to be more flexible to accommodate changes in the crypto market.
The country plans to consult the public before making decisions
According to the report, the old framework did not include services like digital products, which have made massive strides over the year. Australia will release a new consultation paper at the beginning of the year to receive input from the general public. The report mentioned that residents were to say the kind of assets they would prefer to see under the new regulatory banner.
This consultation will then set the ball rolling for the new regulatory framework that the country has in mind. This new update is one of the critical ideas of the new government as it intends to make its mark in just under eight months at the helm. The report said that the previous government was slow to regulate some markets while it left other things undone.
Australia makes strides in crypto regulation
The Albanese-led administration has been active since it took over power in the country in May. The country’s treasury mentioned that the new framework would provide a detailed and informative guide to users across the country. Aside from crypto, the government plans to modernize payment systems across the country, strengthening its financial market. Australia has been the most active in the crypto space regarding regulation.
Some months ago, the police department of the government created a unit that would track issues emanating from the usage of digital assets. The chief regulator, ASIC, has also added to its staff to have better oversight of activities in the states. However, an agency executive mentioned that the body would not be a cheerleader for digital assets.