Australia unveils plans for crypto regulation

The Australian Treasury wants to better regulate the crypto sector, but remains unspecified.

The Australian Treasury wants to regulate the crypto sector more closely, but remains unspecified.

The Australian Treasury has announced comprehensive plans announced to regulate the crypto sector. The government will "improve the way the Australian regulatory system handles crypto assets to better protect consumers".

As a first step they will prioritise "token mapping work". That will help determine how crypto assets and related services should be regulated. A project that "has not been carried out anywhere else in the world yet", according to the Treasury.

The goal is to "spot significant gaps in the regulatory framework, make progress with a licensing framework, probe innovative corporate structures, study custodial obligations for third-party crypto asset custodians, and provide extra consumer protections".