Australia Tightens Crypto Market Oversight: New Rules and Initiatives

However, the changes will not affect all participants in the crypto industry. The exception includes small platforms, blockchain developers, and those firms whose products are not classified as financial. Thus, regulation will be focused on more significant market players in order to minimize potential risks for consumers.

The government also intends to deal with the problem of debanking - cases when banks refuse to provide services to crypto companies. To achieve this, the government plans to collaborate with the country's largest financial institutions to develop a balanced approach and ensure that crypto projects have access to the banking infrastructure.

Special attention will be paid to the study of central bank digital currencies (CBDC), including their potential use and regulation. As part of this initiative, the government intends to launch a so-called regulatory sandbox - a special environment where fintech companies will be able to test their crypto products without having to immediately obtain a full license. This should stimulate innovation and the development of new solutions in a safe environment.

In the meantime, regulatory oversight is already starting to intensify. AUSTRAC (Australian Financial Conduct Authority) recently initiated an audit of 13 cryptocurrency exchanges. The goal is to ensure compliance with anti-money laundering and counter-terrorism financing laws.

Thus, Australia is taking an important step towards a more mature and secure crypto market, while striving to support innovation and user protection.