The Australian authorities supported the expansion of the Australian Securities and Investments Commission (ASIC) digital assets team as part of the regulation and restriction of the crypto asset market.
The regulator also intends to ensure proper disclosure of information about the risks associated with cryptocurrencies. Australian Treasurer Jim Chalmers and his assistant Stephen Jones said in a statement that the measures are primarily aimed at protecting consumers.
Chalmers and Jones stated that ASIC will focus on ensuring proper disclosure of risks to consumers associated with crypto products and service providers. Consumer protection will be taken up when the structure for licensing and regulating the storage of digital assets is finalized.
The statement claims that this structure will not be launched until mid-2023, and it will take time to approve it at the legislative level. The former Australian government focused on cryptocurrency policy, with less attention to the regulatory framework and consumer protection.
Earlier, the Australian bank National Australia Bank announced plans to launch the AUDN stablecoin. It will be pegged to the Australian dollar and fully backed by fiat currency.
Source: Bits
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