Just two months prior, the Australian legislative reformation agency had stated that they plan to release a guidebook-style of regulations through which the crypto companies in the country will be periodically regulated. The Australian finance planning authority FPA is now prepared to judiciously construct laws governing cryptocurrency by way of carving out clauses for crypto under current fintech laws. This will be done not by setting aside an independent policy for mandating crypto but by accommodating it under the finance legislations that are in place already.
They believe introducing new laws to preside over crypto markets is not favorable for a number of reasons and an unnecessarily complicated process. This was decided as it is a time-saving and monetarily frugal option from the lawmakers’ perspective. It would also do away with application and procurement of new permits. FPA showed concerns about making the crypto sector more consumer-friendly by safeguarding users from fraudulent practices. On the agenda are also efforts to increase interaction and build a good relationship between the regulatory bodies and the crypto users. This would be to help everyone identify authentic crypto players from unlawful elements. There was also a mention of not directly introducing laws that would control cryptocurrency specifically, as the field of blockchain tech is a dynamically changing and developing one.
There will also be increased efforts to rope in social media apps to adopt more stringent rules to ensure the safety of Australian users with respect to crypto. They will be asked to unite with Australian lawmakers to stop crypto miscreants from misusing their platforms and scamming vulnerable users. This would be accomplished by way of bolstering the rules and laws surrounding social media violations.
Since major political changes happened in Australia a couple of months ago, the future of crypto has been undecided and uncertain. This newly-drafted regulation is bound to offer some clarity to the crypto landscape of the country-continent.