Australia’s Treasurer Josh Friedenberg announced that the country’s government will carry out the largest payment system reform in 25 years, which will bring digital assets out of the shadows.
In an interview with 7NEWS Australia, Josh Frydenberg said the government will introduce new rules that “will broaden the definition of services and products subject to regulation, including in the cryptocurrency industry. In his opinion, this will bring digital assets out of the shadows.
Friedenberg said that the Australian government will develop a licensing plan for cryptocurrency exchanges as early as next year. In parallel with this, the Australian Treasury, together with the country’s Central Bank, will develop a state digital currency.
More than 800,000 Australians – about 3% of the population – own some form of cryptoasset, Friedenberg said. This is a large segment of the population and needs to be protected from the risks associated with the lack of regulation of cryptocurrencies in Australia.
The intention of regulators to create conditions for the full legalization of the cryptocurrency industry is understandable by the high level of adoption of cryptocurrencies in Australia among institutional investors and politicians. So, in November, the investment director of the Australian pension fund Rest Super, Andrew Lill, announced that the fund plans to invest part of the funds in cryptocurrencies.
Earlier, Commonwealth Bank of Australia CEO Matt Comin said the bank is more concerned about the risks of missing out on cryptocurrencies than the risks associated with adopting them. In addition, Australian Senator Jane Hume said last month that the DeFi industry presents a tremendous opportunity for the country to strengthen its position as an “innovation leader.”
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