In the second half of March, Australia’s Treasury said in a statement that it will build a “fit-for-purpose framework” for the digital asset industry in its local market.
A key focus is to develop regulatory frameworks for digital asset platforms DAPs, online platforms that hold digital assets for consumers and, also, for payment stablecoins, to be treated as a type of stored-value facility SVF under the government’s payments licensing reforms.
The government will also undertake a review of its Enhanced Regulatory Sandbox. First introduced in September 2020, it allows market players to test certain financial activities before acquiring regulatory licenses.
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