December 5, 2022

The Australian Treasury announced the creation of a new regulatory framework for cryptocurrencies

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The Australian Treasury announced the creation of a new regulatory framework for cryptocurrencies

The new Australian officials have criticized their predecessors, who lost the May election, for failing to create a legislative framework that covers the entire crypto industry.

The Australian Department of the Treasury has announced a plan to create a regulatory framework for the crypto industry that officials say will be more thoughtful than anywhere else in the world.

The key feature of the regulation will betoken mapping, that is, analysis of tracking the movement of digital money from the developer to users and beyond. This, according to the Ministry of Finance, will allow assessing the nuances of trends in the Australian crypto markets in order to best determine how crypto assets and related services should be regulated.

"The previous government wasregulation of crypto assets, without understanding what exactly regulates. The new cabinet is getting more serious about what is in the ecosystem and what risks need to be considered first,” said Chief Treasurer of Australia Jim Chalmers.

The official claims the new approach will be morethinner than its predecessor, which promised to “bring the crypto industry to light.” In May, the previous cabinet of ministers, including the former treasurer, lost their seats in the government following parliamentary elections.

According to Chalmers, the upcoming bills will advance work on licensing the industry, control the storage of crypto assets and provide additional guarantees to consumers.

Earlier, the Australian Central Bank announced that it is launching a pilot project with the Corporate Digital Finance Research Center to explore options for the practical use of CBDC.