Hey everyone thanks for landing on another crypto blog. As we are waiting for a good rally for altcoin, some countries are doing great to adopt crypto. here I am talking about The Australian Treasury it is working closely with the crypto asset industry and the motive behind it is to establish clear regulations and make Australia a global leader in the sector.
Promoting innovation vs. protecting users
The Australian Treasury is going to collaborate with the digital asset industry, the broader community, and regulators to establish the country as a leader in the global crypto ecosystem or global digital asset ecosystem and recently they announced this. Moreover, they said its approach will help the crypto industry manage risks, and identify opportunities. protect industry consumers and maintain market integrity. This development will help both the country and the crypto industry.
Australian Treasury said in a recent statement that this digital asset initiative not only aligns the country with international best practices but there are more benefits and it also makes the digital currency sector more competitive and healthy competition is always beneficial for innovation. And this will happen By providing the certainty that comes with clear regulations, the Country aims to increase competition and inspire innovation.
This is just an announcement and no exact date has been given for when the legislative reforms will commence in Australia because here the Australian Treasury is planning to seek feedback from the general public and experts on the dates and methods of reform to support a smooth transition in this field.
Australian Treasury said after being informed by feedback received from a consultation process undertaken in 2023 and Detailing its approach:
The new DAP [digital asset platform] regime will not impose a new regulatory burden on the digital asset issuers themselves or on businesses that create or use digital assets for non-financial purposes. The aim is to mitigate key risks for consumers so that the sector can innovate and grow safely and securely.
Australia will reform its payments licensing regime
Additionally, Australia will reform its payments licensing regime to include stable cryptocurrencies, which it considers as having stored-value features and this is going to be an important footstep by the Australian government. Both the payment service provider (PSP) and digital asset platform (DAP) reforms will leverage the existing Australian Financial Services Licence (AFSL) regime.
Concerning de-banking, the statement acknowledged that the cryptocurrency industry has been affected by this practice, which could have a devastating impact on individuals and businesses so this is a concerning thing. However, the government of Australia agreed to implement the Council of Financial Regulators’ recommendations and this will play a key factor, which aims to provide a better understanding of the extent and nature of the de-banking problem. So people hoping that this will solve this issue.
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |