Australia is set to see a significant digital currency reform which will include a crackdown on cryptocurrency.
As part of the proposed changes, treasurer Jim Chalmers has proposed that cryptocurrency be considered under current Australian financial services laws.
Other digital asset platforms will also be subject to the financial services laws and may soon be required to obtain an Australian financial services licence.
According to the proposal paper, Australians have billions of dollars tied up in crypto which opens them up to substantial risk.
“Collapses of digital asset platforms, both locally and globally, have seen Australians lose their assets or be forced to wait their turn amongst long lines of creditors,” the proposal says.
“These reforms seek to reduce the risk of these collapses happening, by lifting the standard of their operations and increasing their oversight.”
Under the Australian financial services laws, companies with more than $5 million in aggregate or over $1,500 in individual assets will be subject to changes.
The proposal will be open for feedback until December 1, 2023.
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