SYDNEY, Australia—Australia’s Council of Financial Regulators’ has endorsed the country’s treasurer’s plans to create rules for cryptocurrency and digital assets and has mapped out next steps.
The body comprises the Reserve Bank, the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission, and Treasury.
A new Working Group on the Regulation of the Crypto-Ecosystem will work on the crypto-asset reforms, The West Australian reported.
A separate working group will focus on de-banking in the fintech, crypto-asset and remittance sectors, and the government’s request for advice on the underlying causes and policy responses.
This group includes the council members, along with the Australian Competition and Consumer Commission, the Australian Transaction Reports and Analysis Centre and the Department of Home Affairs.
“Treasurer Josh Frydenberg’s plan for new regulations has been touted as the biggest overhaul of payments in 25 years, and will include a licensing regime and new custody rules for assets,” The West Australian said.