In the wake of the drawn out cryptocurrency market downturn, increased regulation of the sector seems inevitable. With nearly one million Australians transacting in cryptocurrencies last year, there have been widespread calls to enact additional protections for retail investors.
This table outlines key regulatory developments from Australian financial regulators on possible treatment of crypto-assets.
The key priorities for regulators appear to be the protection of consumers, maintenance of a fair and efficient financial system (including in respect of crypto-assets), and the promotion of innovation and foreign investment in Australia. Accordingly, 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.
