Australia’s Treasury published high level plans for the regulation of the digital assets sector. It’s less concerned about the issuance of cryptocurrencies and more focused on platforms that have custody of client assets. That includes crypto exchanges, custody providers, some brokers and stablecoin issuers.
Decentralized Finance or DeFi is sidestepped while the situation is clarified around the world. Notably, a significant proportion of DeFi does not involve custody, a key area where the Treasury wants to protect consumers.
It’s not just digital asset providers (DAPs) that will be covered, but also those “providing specified services, such as operating and dealing in DAPs”.
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