The Australian government will build a regulatory and licensing framework for cryptocurrency service providers

ChainCatcher news, Australian regulators are intensifying their focus on cryptocurrency asset providers to ensure they fulfill their obligations to Australian consumers. Additionally, the government will reform the licensing and custody of cryptocurrency assets, establishing a set of obligations and operational standards for cryptocurrency service providers to ensure that providers adequately safeguard assets for their clients. Consultations on the design of the regulatory and licensing framework will begin in mid-2023.

Moreover, the Australian Securities and Investments Commission (ASIC) is expanding the size of its cryptocurrency team and strengthening enforcement measures. The Australian Competition and Consumer Commission (ACCC) is also ramping up efforts to prevent fraudulent activities, including scams involving cryptocurrency assets. (source link)