According to ChainCatcher, Australian regulators are increasing their focus on crypto asset providers to ensure that they fulfill their obligations to Australian consumers. In addition, the government will reform the licensing and custody of crypto assets and establish a set of obligations and operating standards for crypto asset service providers to ensure that providers adequately custody assets for their clients. Consultations on the design of the regulatory and licensing framework will begin in mid-2023.
In addition, the Australian Securities and Investments Commission (ASIC) is expanding the size of its cryptocurrency team and strengthening law enforcement measures. The Australian Competition and Consumer Commission (ACCC) is also stepping up its efforts to prevent fraudulent activities, including those involving crypto assets. (Source link)
