Australian Finance Minister Jim Chalmers has unveiled a comprehensive regulatory framework for cryptocurrencies before the upcoming election process. This new framework aims to protect users while also supporting innovation within the sector. The government intends for cryptocurrency platforms to take on responsibilities similar to those of banks, preparing a bill for public consultation.

Cryptocurrency Platforms Face Bank-like Responsibilities

The regulatory plan mandates cryptocurrency platforms to fulfill general financial obligations. These platforms will carry responsibilities akin to traditional financial institutions and will be tasked with ensuring the secure protection of investor funds. The proposal includes maintaining user assets in separate accounts and implementing special custody systems.

Innovative regulations are also planned for organizations providing payment services in the cryptocurrency space. These organizations may benefit from certain exceptions if their activities are limited to stable digital assets. The goal is to treat such assets similarly to traditional payment methods.

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