The Australian government, under the Labor Party, at the Al -Salwa Al -Rakamal Center, proposed a new coding framework that regulates stock exchanges under the current financial services laws and promised to address Debanking.
This comes before the federal elections to be held in or before May 17, which shows the current polling at a dead heat between the work of Prime Minister Anthony Albaniz and the opposition coalition led by Peter Daton.
Treasury Ministry He said In a March 21 statement that the custody exchanges, custody services and some brokerage companies that are trading or storing encryption will be subject to new laws.
The system imposes similar compliance requirements as other financial services in the country, such as following the rules that protect customer assets, obtain a license for Australian financial services and meet the minimum capital requirements.
The Australian Treasury says that the new encryption regulations have four priorities. source: Australian Treasury Ministry
In August 2022, the government began a series of industry consultations to formulate an organizational framework for encryption.
“Our legislative reforms will expand the current financial services laws to the main digital assets platforms, but not for all the ecosystem of digital assets,” the Treasury said in its statement.
Small domain platforms and startups that do not meet specific sills will be exempted, as well as companies that develop programs related to Blockchain or create digital assets that are not financial products.
Stablecoins will be dealt with as a type of value facilities stored under government payment licensing reforms; However, some stablecoins and wrapped symbols will be exempt.
The Treasury said: “The handling or trading of the secondary market in these products will not be dealt with as a dealing activity, and the platforms that are traded will not be dealt with as the operation of a market simply because of this commercial activity.”
As part of its encryption agenda, the Albanez government also promised to work with the four largest banks in Australia to understand the extent of dispensing with the banker.
There will also be a review of the central bank currency and a strengthened regulatory sand box in 2025, allowing companies to test new financial products without the need for a license.
Related to: The elections may open to open the flood gates to the institutional encryption: the CEO of OKX Australia
The Albanian government plans to issue a draft legislation for public consultation. However, the government’s change on the horizon with the federal elections waving on the horizon can be a date that has not yet been called.
The right -wing coalition of Dateon at the center promised to give priority the encryption list if it won the elections.
The last survey of Yougov was published on March 20 He appears The coalition and the workplace in the neck to vote for two floors.
The coalition leads to the intention of voting in Topline, while Albanez continues to lead the preferred prime minister. source: Yugov
In a joint statement with CointeleGraph, the CEO of the local BTC Crypto Exchange said in a joint statement with Cointelegraph that reform fields and will keep Australia competitive with its global peers.
However, she believes that “there will be additional details required about capital adequacy and custody requirements.”
“We need to make sure that these requirements are not very stressful to invest business in Australia,” Buller said.
Jonathon Miller, Managing Director of the Corner of Australia, said that there is an “urgent need to legislate detailed encryption” to treat the current confusion and uncertainty in the country’s industry.
He said: “We believe that by creating a clear regulatory framework to regulate encryption and relieve problems such as Debanking, the government can remove barriers that hinder growth in the Australian economy.”
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