Internal documents from the Australian Treasury Department have revealed crypto legislation in the country could be a year away at the very least.
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Internal documents from the Australian Treasury Department have revealed crypto legislation in the country could be a year away at the very least.
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The new measures from the Australian government come as cryptocurrency scams skyrocketed 162% to $221 million in 2022.
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The consultation paper will give an insight into how certain crypto assets should be regulated alongside frameworks for company licensing, asset custody and consumer protections under token mapping.
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A spokesperson for Australian Treasurer Jim Chalmers said they are closely monitoring the fallout from FTX’s collapse.
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Australian Treasurer Jim Chalmers said that his government will improve the way Australia’s system manages crypto assets and provide greater protections for consumers.
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