The Australian government says that it is working to ensure that the regulation of crypto-assets protects consumers-regulation

The Australian government has announced that it will make steps to ensure that the "regulation of crypto-assets protects consumers", and one of these steps will be the reform of "licensing and custody of crypto-assets". The government led by Anthony Norman Albanese also said that she had published a consultation paper that examined "which elements of the crypto ecosystem are sufficiently regulated and which additional attention requests".

prioritization of consumer protection

The Australian government has declared that it is working to "ensure that the regulation of crypto-assets protects consumers" and to position the economy "that it can use new digital products and services".

In order to achieve these goals, the Australian government said that it is planning to "reform the licensing and custody of crypto assets". Particular attention is paid to a sub -group of cryptocurrencies "which are currently not falling below the regulatory framework for financial services," said the government.

In a statement published on February 3, said Guided government, she also intends to subdue crypto-asset service providers, as she calls it, "a number of obligations and operating standards". The explanation added that such standards serve to protect customers' digital funds.

In terms of the design of a custody and licensing framework, the Australian government said that it would "initiate a public consultation process in mid-2023 to enable sufficient consultation before the introduction of laws".

recognition and control of newly occurring risks

The government of Prime Minister Albanese also said in the declaration, although it took immediate steps to protect consumers, had to be done even more. The government added:

A consultation paper published today examines in detail which elements of the crypto ecosystem are sufficiently regulated and which additional attention requires. This will enable the government and the interest groups to concentrate on regulatory gaps and to ensure that newly occurring risks are identified and controlled.

The explanation also states that the Australian government is open to cooperation with interest groups, but still wants to do this in an orderly manner. In this way, the government can "correctly make political attitudes to protect consumers and to support innovations in this emerging sector".

In addition to the planned framework for the custody and licensing of crypto, the Australian government has already taken steps to ensure that consumers are protected. Some of these steps include the enlargement of the crypto team of the Australian Securities & Investments Commission (ASIC). Stopping fraud and uncovering possible money laundering or terrorist financing are also listed as further measures already taken.

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Terence Zimwara

Terence Zimwara is an award -winning journalist, author and writer from Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.

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