Australia wants to introduce stricter financial industry standards for exchanges and other virtual asset service providers (VASP) under its proposed new framework for the digital asset sector.
In a new one documentThe Labor government presented proposals for the police, cast after the approaches of European Union and Singapore. ‘Statement on developing an innovative Australian digital asset industry“Trying to” identify opportunities and manage risks, unlock innovation, protect consumers and maintain market integrity. “
The new frame will apply to all VASP that holds digital assets for consumers, including exchangeStorage WalletsSome brokers and any companies that redeem tokenized payment instruments. However, it will not affect any company that deals with non-financial digital asset products or develop software for the use of others.
VASPS, which is covered by the new policy must follow “well understood general obligations imposed on all providers of financial services,” said the document, published by Treasury. This includes providing services fairly and efficiently and avoiding conflicts of interest. They must also fulfill the smallest capital coverage obligations.
It starts with a new license regime. Australian digital asset companies have worked under the monitoring of Securities Watchdog, Australian Securities and Investments Commission (Asic), which Extended The country’s companies are preparing last year to include the “crypto sector”. ASIC has driven to ensure that VASPs have market licenses, which are more challenging to get and have many restrictions.
However, under the proposed framework, these companies will only have to acquire an Australian financing license, which is much easier to get. Treasury will work with Asic to tailor the license’s obligations to suit the unique features of digital assets, the paper adds.
Aussie government also intends to deal with Avbank Vasps, where banks deny VASP services. It has undertaken to better understand the scope and nature of practice and work with the relevant VASPs to ensure that they have access to banking services.
Debanking is not unique to Australia, with digital asset companies in dozens of countries that face the same challenge, including in the most developed markets. In countries with more detailed regulations for digital assets, such as Hong Kong, Singapore and Japan, debate is not as great a challenge as banks do not fear regulatory repercussions when handling the sector.
In addition to digital assets, the Aussie government promised to continue exploring a wholesale center bank Digital Currency (CBDC) and acknowledged it There is no clear public interest In a retail CBDC. It also intends to continue exploring tokenization and decentralized funding (Defi), but is waiting for more advanced economies to provide guidance on the latter.
“We want to take advantage of these opportunities and encourage innovation while ensuring that the Australians can use and invest in digital assets safely and securely with appropriate regulation,” pronounced Treasury.
Pakistan “done sitting on the side line” with digital assets
Somewhere else, the head of a government unit that drives for adoption of digital access Pakistan Says the country is ready to fully embrace the sector with enabling regulations and state aid.
Bilal bin Saqib, head of Pakistan Crypto Council, says the South Asian nation “is ready to sit on the sideline.”
“We want regulatory clarity. We must have a legal framework that is pro-business … We need institutional adoption,” Saqib abandoned In an interview on Bloomberg TV.
The council was Launched A week ago as a government initiative to drive for the adoption of blockchain and digital assets in Pakistan. It was formed after a meeting between the Ministry of Finance and a delegation from the United States, which included people close President Donald Trump. Saqib, a well -known entrepreneur, was selected to lead the Council and advise the Finance Minister on digital assets.
According to SAQIB, Trump’s election has been the largest catalyst for Pakistan’s renewed interest in digital assets. While he has been caught in several side shows such as his $ Trump Memecoin and National Strategic ReserveTrump has been one of the biggest winds for the sector. His choice has forced several governments globally to re -evaluate its strategy for digital assets, which has resulted in positive regulations.
For Pakistan, digital assets are not new. The country is home to 15-20 million digital asset owners, says Saqib. It is also consistently ranked among the highest adoptors and has been in Top ten in chain analysis adoption index over the past four years.
In addition to offering better opportunities for Pakistans, SAQIB believes to regulate digital assets will also attract foreign investments, which Dipped 45% last month.
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