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What is the main goal of the new crypto regulations recently announced by the Australian government?
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The Australian government’s new regulations aim to provide the crypto industry with a clearer regulatory framework to reduce market uncertainty while ensuring consumer rights and market integrity are protected.
The new regulations require major cryptocurrency exchanges, custodial service providers and businesses involved in payment stablecoins to obtain financial services licenses in an effort to increase transparency and compliance in the industry.
The government hopes that the new legislation will bring Australia's crypto industry in line with international regulatory standards, thereby enhancing its global competitiveness.
The new regulations highlight that debanking is an important issue. The government hopes that through stricter licensing and supervision, it will increase the credibility of the industry and reduce the restrictions on crypto businesses by major banks.
Crypto companies involved in financial services will be regulated, while activities for non-financial purposes, such as software development and blockchain infrastructure maintenance, will not be subject to new regulations, thereby avoiding over-regulation of innovative companies.
