Australia: Crypto Downturn and Its Regulation

With nearly one million Australians transacting in cryptocurrencies last year, there have been widespread calls to enact additional protections for retail investors. The Financial Services Minister, Stephen Jones, has recently suggested that the new government will be reviewing crypto regulation as part of the larger digital payments system overhaul. The existing framework for financial markets is unlikely to translate well into crypto exchanges. A more tailored approach will be necessary in order to deliver on both the consumer protection and competition aims. The Council of Financial Regulators has also explicitly advised banks against de-banking the crypto space and recognised the importance of a robust regulatory framework for this market. With more Australians exposed to this volatile sector than ever before, there is no doubt that crypto-assets are now part of a mainstream financial system Source