As part of a radical modernization of the country’s payment systems, the Australian government will overhaul the regulatory framework for cryptocurrency brokers.

Australia’s Treasury Minister says on TV he will regulate cryptocurrency market

Noting that more than 80,000 Australians invest in cryptocurrencies, Treasury Secretary Josh Frydenberg said the government is “broadening the definition of services and products that can be regulated,” in an interview with 7News Australia.

https://www.youtube.com/watch?v=JVl6zSdw58I/

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“We are taking this industry out of the shadows and into a regulatory framework,” said Frydenberg, adding, “We want these companies that are buying and selling cryptocurrencies to be properly licensed” to “provide greater transparency and security to those people who are transacting in this sector”.

According to Reuters, the Australian government will begin consultations to establish a licensing framework for digital brokerages in early 2022 and will debate with regulatory firms that store crypto on behalf of their clients.

The Australian Treasury will also work with the country’s central bank on a central bank digital currency (or CBDC).