On Wednesday, December 14, the Australian government said that it’s taking enough steps to improve regulation for crypto service providers. In early 2023, the government shall release a consultation paper to decide the kind of digital assets they want to regulate.
To tighten the safety net in the crypto space, the Australian government is also mulling sweeping changes in its financial services laws. The new consultation paper will form the basis of Australia’s “strategic plan” for a payments system to be passed in early 2023. Speaking on this development, Australia’s Treasurer Jim Chalmers said:
“The one constant in finance is change. It’s fast moving, dynamic and our regulatory frameworks haven’t kept up. Our reforms are about starting to fix that in pursuit of a financial system that is stronger and more secure.”
The crypto winter of 2022 and the turn of events have forced regulators to step up regulatory measures in this sector. The dramatic collapse of FTX’s cry
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