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The Australian government issued the regulatory framework that will use the Australian Financial Services License (AFSL) framework for consistent oversight. The government said they want to mitigate crypto risks for consumers and for this, they need for a regulatory framework is a must. This framework is for the entities providing access to digital assets and holding them for Australians. This is considered an important step in the government’s approach towards crypto improvement in the Australian context. Consulting Paper Acts like a Guide for Crypto Activities The consultation paper stated, “The proposed regulatory framework would apply to digital asset service providers that present the same risks to entities that operate in the traditional financial system.” This specifies that the Australian government plans to use the existing regulation for traditional financial institutions. These will behave as an usher for regulating the crypto activities in the country. The response to the consultation paper can be submitted up until December 1, 2023. Interested parties are invited to give their opinion regarding the consultation. The submissions may be put forward through post or electronically via email etc. The framework seeks to support the Australian Financial Services Licence (AFSL) framework to regulate the crypto exchanges to confirm consistent surveillance and protection for consumers. However, it also quotes the dynamic nature of the crypto industry. Hence, stated, “implementation of the proposed framework is subject to future legislative design and development.” The proposed framework aims to fulfill many objectives including consumer protection, their interest, and promoting innovation. Moreover, it highlights bringing Australia’s digital asset framework in line with the global standards. Consultation Paper Includes Unbiased Outlook for Traditional and Crypto Finance organizations The consultation paper equally emphasized building a fair landscape for both traditional financial institutions and digital asset finance organizations. It is thus implied that global recognition…

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Filed under: News - @ October 22, 2023 8:16 pm