Australian Government to Build Regulatory and Licensing Framework for Crypto Asset Service Providers

Australian regulators are increasing their focus on encrypted asset providers to ensure they fulfill their obligations to Australian consumers. In addition, the government will reform the licensing and custody of encrypted assets, and will establish a set of obligations and obligations for encrypted asset service providers. Operating standards to ensure providers adequately custody assets for clients. Consultations on the design of the regulatory and licensing framework will begin in mid-2023. Separately, the Australian Securities and Investments Commission (ASIC) is expanding the size of its cryptocurrency team and strengthening enforcement measures. The Australian Competition and Consumer Commission (ACCC) is also stepping up efforts to prevent scams, including those involving crypto assets.