The Department of Treasury, the Australian Government ministerial department responsible for economic policy, fiscal policy, market regulation, and budgeting, announced that the country will introduce stricter rules for crypto in early 2023.

Minister in charge of the Treasury, Jim Chalmers, said in a press release that Australia’s government under Prime Minister Anthony Albanese is taking action to improve the regulation of crypto service providers. 

Australia has been carrying out the process since August this year and has plans to release a consultation paper in early 2023. The mapping will inform the government of what financial service laws should regulate digital assets. It will also guide the development of appropriate custody and licensing policies to safeguard consumers, according to Chalmers.