Wednesday, March 29, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News Australia crypto

Australia Targets Crypto In Major Regulatory Changes for 2023

news by news
December 14, 2022
in Australia crypto, News, Regulation News
0
Australia Targets Crypto In Major Regulatory Changes for 2023
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Breaking: Australia Introduces Crypto Market Regulation Bill In Parliament

Bitcoin Price Reclaims $28,500 Amid Binance FUD, Here’s Why

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 crypto empire has exposed major loopholes which need to be addressed soon. Amid the recent developments, Australia seeks to strike a balance between innovation and crypto regulation. Chalmers said:

“The digital age has brought new opportunities and risks to finance. Our plan is about opening up space for further innovation while making sure we have the right regulatory approach in place to keep consumers, businesses and the system safe.”

Australia To Regulate Crypto Custody and Licensing

One of the major issues that crypto users face today is the lack of enough regulation about crypto custodians, crypto lenders, and other service providers. Thus, to safeguard consumers, the Australian government is considering cryptocurrency custody and licensing settings.

Before introducing crypto legislation, Australia is likely to consult on this framework next year. As per the plans, Australia will set up a regulatory framework for the so-called buy now, pay later schemes.

Along with Australia, we can expect more countries to unveil regulatory frameworks next year.

The post Australia Targets Crypto In Major Regulatory Changes for 2023 appeared first on CoinGape.

Related Posts

Breaking: Australia Introduces Crypto Market Regulation Bill In Parliament
24/7 Cryptocurrency News

Breaking: Australia Introduces Crypto Market Regulation Bill In Parliament

March 29, 2023
Bitcoin Price Reclaims $28,500 Amid Binance FUD, Here’s Why
24/7 Cryptocurrency News

Bitcoin Price Reclaims $28,500 Amid Binance FUD, Here’s Why

March 29, 2023
XRP Price Spikes By 18%, Breaches $0.56 level; What’s Happening?
24/7 Cryptocurrency News

XRP Price Spikes By 18%, Breaches $0.56 level; What’s Happening?

March 29, 2023
Breaking: Do Kwon To Appeal Passport Forgery Case In Supreme Court, Delaying Extradition
24/7 Cryptocurrency News

Breaking: Do Kwon To Appeal Passport Forgery Case In Supreme Court, Delaying Extradition

March 29, 2023
Just-In: UBS Opts For New CEO; Credit Suisse Takeover To Delay?
24/7 Cryptocurrency News

Just-In: UBS Opts For New CEO; Credit Suisse Takeover To Delay?

March 29, 2023
Cardano’s ADA Gives A Strong Bounceback With 10% Gains, What’s Next?
24/7 Cryptocurrency News

Cardano’s ADA Gives A Strong Bounceback With 10% Gains, What’s Next?

March 29, 2023
Next Post
Crypto News Live Updates Dec 14: Bitcoin, Ethereum Price Jumps; SBF Bail Denied

Crypto News Live Updates Dec 14: Bitcoin, Ethereum Price Jumps; SBF Bail Denied

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

Will U.S. CPI Data Help Bitcoin (BTC) Price Break This Key Resistance?

Will U.S. CPI Data Help Bitcoin (BTC) Price Break This Key Resistance?

January 11, 2023
Breaking: SVB Financial Group Files For Chapter 11 Bankruptcy; Bitcoin Spikes By 8%

Breaking: SVB Financial Group Files For Chapter 11 Bankruptcy; Bitcoin Spikes By 8%

March 17, 2023
Biggest Bull Trap Awaits? Bitcoin Price To March Towards $30K?

Biggest Bull Trap Awaits? Bitcoin Price To March Towards $30K?

February 16, 2023
Binance CEO Contemplates Voyager Deal Exit Amid Escalating Regulatory Pressure

Binance CEO Contemplates Voyager Deal Exit Amid Escalating Regulatory Pressure

March 3, 2023
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In