Australia reveals its plans for crypto regulation

Quick Take

  • A consultation paper published by the Australian government looks to apply some existing financial frameworks to regulate its crypto sector.
  • Australia’s financial regulator may see a boost in resources to oversee crypto.

Australia took a step toward regulating its crypto sector with a consultation paper providing more clarity on the direction it will take.

The Australian government steered away from an “exhaustive, bespoke taxonomy" for crypto. Instead, it opted for a framework that groups crypto into intermediaries or service providers on one hand and public networks or smart contracts on the other. For these categories, officials want to know if some existing financial regulations will suffice. 

The Office of the Treasurer of Australia, following the footsteps of the UK