Australia outlines crypto regulation plan, promises action on debanking

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Coin Telegraph 1d ago

Australia outlines crypto regulation plan, promises action on debanking - Coin Telegraph

Quick Summary:

Source: Australian Department of the TreasuryIn August 2022, the government initiated a series of industry consultations to draft a crypto regulatory framework.“Our legislative reforms will extend existing financial services laws to key digital asset platforms, but not to all of the digital asset ecosystem,” the Treasury said in its statement.

Australia’s government, under its ruling center-left Labor Party, has proposed a new crypto framework regulating exchanges under existing financial services laws and has promised to tackle debanking.

Payment stablecoins will be treated as a type of stored-value facility under the Government’s Payments Licensing Reforms; however, some stablecoins and wrapped tokens will be exempt.“Dealing or secondary market trading in these products will be not treated as a dealing activity, and platforms where they are traded will not be treated as operating a market simply because of that trading activity,” the Treasury said.