Australia’s Council of Financial Regulators (CFR) has revealed its support for a government plan to create a new regulatory framework for cryptoassets.
According to Regulation Asia, a plan was outlined by treasurer Josh Frydenberg and minister Jane Hume to reform and modernise Australia’s payment system. This including enhancing oversight and licensing requirements for crypto exchanges and introducing a custody regime for digital assets.
The CFR released a statement underlining its endorsement for a new working group on the regulation of the crypto ecosystem. The council also noted a separate working group will work to address de-banking in the FinTech, remittance and crypto-asset sectors, as well the government’s request for advice on the underlying causes and policy responses.
Agencies that are part of the CFR include the Reserve Bank of Australia, the Australian Prudential Regulation Authority, the Treasury and the Australian Securities and Investments Commission.
The CFR has also underlined its support for the work by the Australian Sustainable Finance Institute to develop an industry-led taxonomy for sustainable finance.
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