The Australian government, in accordance with the ruling Central Labor Party, proposed a modern cryptographic framework regulating stock exchanges in accordance with the existing provisions on financial services and promised to solve the problem of debaning.

It was ahead of the federal election, which will take place on May 17 or earlier, which current election shows are shaped to the dead heat between the work of Prime Minister Anthony Albanese and the opposite coalition led by Peter Dutton.

Treasury Department he said In a statement of March 21, that cryptocurrency exchange, care services and some brokerage companies that trade or store crypto, will be provided with modern regulations.

The regime imposes similar requirements for compliance as other financial services in the country, such as compliance with the principles of protecting clients’ assets, obtaining a license of Australian financial service and meeting minimum capital requirements.

In August 2022, the government initiated a series of industry consultations in order to develop cryptocurrency regulatory framework.

“Our legislative reforms will expand existing provisions regarding financial services to key digital asset platforms, but not for the entire digital asset ecosystem,” said the State Treasury in his statement.

Platforms on a petite scale and startup, which do not meet specific size thresholds, will be released, as well as companies developing software related to blockchain or create digital assets that are not financial products.

Stablecouins payments will be treated as a kind of object stored as part of government payment licensing reforms; However, some stableleins and wrapped tokens will be released.

“Trade of market or secondary market in these products will not be treated as commercial activities, and the platforms in which they are commercial will not be treated as a market conducting only because of this commercial activity,” said the State Treasury.

As part of the cryptographic agenda, the Albanese government also promised to cooperate with the four largest banks in Australia to better understand the scope and character of De-ban.

In 2025, in 2025, there will also be a review of the digital currency of the central bank and improved regulatory sandbox, enabling companies to test modern financial products without a license.

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The Albanese government intends to publish a draft provisions regarding public consultations. However, the change of government may be on the horizon with the upcoming federal elections, which has not yet been called.

Dutton’s central coalition had previously promised to prioritize the regulation of cryptocurrencies if she won the election.

The latest Yougov survey published on March 20 can be seen Coalition and work neck in the neck for a two -part voice.

Caroline Bowler, general director of Local Crypto Exchange BTC Markets, said in a joint statement with Cointelegraph that the areas of the reform are reasonable and maintain competition in Australia with global peers.

However, he believes that “additional details will be required regarding the adequacy of capital and care requirements.”

“We need to make sure that these requirements are not too burdensome for business investments in Australia,” said Bowler.

Managing Director of Kraken Australia, Jonathon Miller, said that there is a “urgent need for cryptographic regulations” to resolve existing confusion and uncertainty in the country’s industry.

“We believe that by establishing clear regulatory framework of cryptocurrencies and soothing problems such as debaning, the government can remove barriers that make it difficult to grow Australian economy,” he said.

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