Australia Plans Regulatory Framework for Cryptocurrency Service Providers by 2023

According to information released by the Australian Department of Finance, the Australian government plans to establish a licensing and regulatory framework for cryptocurrency service providers in 2023. The Australian government plans to issue a consultation paper in early 2023 to inform which digital assets should be regulated under the Financial Services Act, as well as develop appropriate custody and licensing settings to protect consumers, and will conduct consultations on the regulatory and licensing framework before introducing legislation next year.