Given the prevalence of scams and fraud in the crypto industry, governments of different countries are trying to protect their citizens. The FTX, Terra collapse, and other recent unfortunate occurrences have spurred authorities and lawmakers into action, looking for ways to curb the menace.
In light of the regulatory issues, the Australian government has taken steps to improve security in the crypto space. The government announced its plans to tighten regulations for crypto firms. In addition, the government plans to release a consultation paper to aid their decisions on the digital assets they want to regulate in 2023.
The Australian government will also reform the financial services laws for a more robust and secure digital asset space. The proposed consultation paper will be the basis of the country’s strategic plan for implementing the payments system come 2023.
New Regulatory Guidelines Down Under In 2023
In a statement to Bloomberg, Australian Treasurer Jim Chalmers commented o
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