The government intends to introduce a regulatory framework to address consumer harms in the crypto ecosystem while supporting innovation.
The introduction of a regulatory framework for entities providing access to digital assets and holding them for Australians and Australian businesses is an important step in the government’s approach to crypto reform in the Australian context.
The proposed regulatory framework would apply to digital asset platforms that present similar risks to entities that operate in the traditional financial system. It proposes to leverage the Australian financial services framework to regulate digital asset platforms to ensure consistent oversight and safeguards for consumers.
The government seeks views from interested parties on the proposed framework for regulating digital asset platforms. Specific consultation questions are outlined within the paper.