The Australian government, under its Labor Party in the center-left, has proposed a new cryptography framework regulating exchanges under existing laws on financial services and has promised to combat uncover.
It is a federal election which should be held no later than May 17, which, according to the current survey, is aimed at a dead heat between the work of Prime Minister Anthony Albanese and the opposing coalition led by Peter Dutton.
The Treasury Department declared in a press release of March 21 that the Crypto exchanges, day care and certain brokerage companies that negotiate or store the crypto will rest under new laws.
The regime imposes compliance requirements similar to that of other financial services in the country, such as the following rules, the safeguarding of customer assets, obtaining a license in Australian financial services and meeting the minimum capital requirements.
The Australian Treasury claims that his new cryptographic regulations have four priorities. Source: Australian Treasury Department
In August 2022, the government launched a series of industry consultations to write a cryptographic regulatory framework.
“Our legislative reforms extend the existing laws on financial services to the main digital asset platforms, but not to the whole ecosystem of digital assets,” the Treasury said in its press release.
Small scale and start-up platforms that do not respect specific size thresholds will be exempt, as well as companies that develop software related to blockchain or create digital assets that are not financial products.
Payment stable stables will be treated as a type of installation of stored value in the context of government payments licenses; However, some stablecoins and wrapped tokens will be exempt.
“Market negotiation or the secondary market of these products will not be treated as a transmission activity, and the platforms where they are exchanged will not be treated as a market simply because of this commercial activity,” said the Treasury.
As part of its crypto program, the Albanian government has also promised to work with the four largest banks in Australia to better understand the extent and nature of de-banking.
There will also be an examination in a digital currency of the central bank and an improved regulatory tank in 2025, allowing companies to test new financial products without the need for a license.
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The government of Albanese intends to disclose a draft legislation for public consultation. However, a change of government could be on the horizon with an imminent federal election, a date of which is not yet called.
Dutton’s central-right coalition had previously promised to prioritize the regulation of cryptography if it wins the elections.
The latest Yougov survey published on March 20 shows the coalition and work neck in the neck for a favorite two -part vote.
The coalition leads to the voting of Topline, while Albanese continues to lead as the first Prime Minister. Source: Yougov
Caroline Bowler, CEO of local Crypto Exchange BTC Markets, said in a press release shared with Cointtelegraph that the reform areas were reasonable and would keep competitive Australia with global peers.
However, she thinks that “there will be additional details required on the adequacy of capital and the requirements of childcare”.
“We have to make sure that these requirements are not too heavy for business investment in Australia,” said Bowler.
Kraken Australia’s managing director Jonathon Miller said there was an “urgent need for tailor -made cryptographic legislation” to deal with the country’s industry and uncertainty.
“We believe that by establishing a regulatory framework for clear cryptography and attenuating problems such as speaking, the government can suppress obstacles that hinder the growth of the Australian economy,” he said.
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