In 2023, Australia Will Regulate Crypto Service Providers

In 2023, the Government of Australia plans to set up a system for licensing and regulating crypto service providers.

In particular, the Albanese government wants to figure out what kinds of digital assets should be covered by laws about financial services and what kinds of rules are best to protect consumers.

A joint media release says that the next steps in the Government’s ongoing “token mapping” work will include the release of a consultation paper in early 2023 to help figure out what digital assets should be regulated by financial services laws, as well as the creation of appropriate custody and licensing settings to protect consumers.

Even though the Australian Government is taking steps to regulate crypto service providers, there will be actual laws once the Government gets feedback on its plans for custody and licensing.

Aside from crypto, the Government plans to improve Australia’s payment systems and financial market infrastructure in 2023 and set up rules for Buy Now Pay Later.