As part of broader plans to modernise the country’s financial system, Australia will introduce a new framework for regulating crypto firms next year. Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones said in a statement that “regulatory architecture” had not kept up with market changes, “including the introduction of new digital products and services.” In early 2023, a consultation paper will be released to determine what digital assets should be regulated and to assist in the implementation of “appropriate custody and licencing” rules. The move represents the next step for Prime Minister Anthony Albanese’s new government, which took office in May.
