A consultation paper published by the Australian government looks to apply some existing financial frameworks to regulate its crypto sector.
Australia took a step toward regulating its crypto sector with a consultation paper providing more clarity on the direction it will take.
The Australian government steered away from an “exhaustive, bespoke taxonomy" for crypto. Instead, it opted for a framework that groups crypto into intermediaries or service providers on one hand and public networks or smart contracts on the other. For these categories, officials want to know if some existing financial regulations will suffice.
The Office of the Treasurer of Australia, following the footsteps of the UK’s Treasury, which published a crypto consultation on Thursday morning, is looking to receive feedback from stakeholders from now until March 3. Particularly, officials want to flesh out answers on topics like whether crypto should be regulated separately or within existing financial rules, how to protect investors and the role of smart contracts.The consultation cites a 1997 financial systems inquiry to argue that"functionally-equivalent products should be treated equivalently.
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