The Australian executive opposes a “separate regulatory regime” for cryptocurrencies

Australia’s Financial Services Minister, Stephen Jones, confirmed recently interview With local media, consultations will begin soon to determine which crypto assets should be regulated in the country.

The Minister affirms the government’s commitment to strengthening its token mapping initiative geared towards identifying digital assets. According to Jones, digital assets that qualify as financial products will not necessarily need new regulations.

“I don’t want to pre-judge the outcomes of the consultation process we are about to embark on. But I start from the position that if it looks like a duck, walks like a duck, and sounds like a duck, then it should be treated like one,” Jones stated.

Meanwhile, Jones recently stressed FTX breakdown Need more clarity Strong crypto industry regulations. Recall that the stock exchange suffered an unprecedented decline in early November, which worsened the market situation in the field.

According to the minister, after the crash, the government recognized the urgent need to focus on crypto assets that function like financial products but are unregulated.

Australia-regulated crypto service providers are required

In addition to defining crypto assets, Australia also wants to design a framework to meet the licensing and regulation of crypto service providers in 2023. According to press release Last December, the country will release an advisory paper early this year, marking an important step toward regulating cryptocurrency.

The authorities want to identify regulations that can protect investors from the risks inherent in the industry. According to the regulator, the move will position the country’s economy in the direction of embracing emerging opportunities and responding to future challenges.

Under Prime Minister Anthony Albanese, Australia does not plan to start any cryptocurrency legislation until the consultation is complete.

According to the Ministry of Finance, the country should have legal provisions for “buy now, pay later” operations.

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