The Albanese government of Australia is set to launch new rules for the licensing and regulation of crypto in 2023. The government that was sworn in May is geared towards transforming Australia’s financial industry to position for future opportunities and address upcoming challenges.
In a media press release with Dr. Jim Chalmers MP, details about the changes the government will make for the coming year were provided. According to Jim, the government will “establish a framework for the licensing and regulation of crypto service providers” in the nation.
Furthermore, he explained that the “token mapping” project already embarked on by the government will involve the release of findings on how to implement the process for all financial institutions in Australia. It can be recalled that in October, Jim announced a “Token Mapping” strategy by the Australian government.
Token mapping involves defining and differentiating digital assets to classify them according to specific regulatory frameworks. It is done to impact the future of banking services especially as it relates to how banks digitize products and services.
Australian CBDC and payment systems
Looking into the country’s payment system, Jim added that the government will release a plan in Q1 2023, in partnership with regulators, industry, consumer and business representatives, on how the country’s payment system will evolve.
He also noted that this updated payment system would empower the Reserve Bank of Australia to manage emerging technologies used for payment including digital wallets, while creating a new licensing model that will mitigate risks of national significance.
“We will continue our work with the RBA to explore the policy case for an Australian central bank digital currency,” Jim said. In August, Australia launched a CBDC pilot to explore opportunities in digital assets.
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