Australia's Senate Economics Legislation Committee has backed a proposed legislative framework to modernize digital assets regulation, according to a report published Monday. The committee stated that the new framework will strengthen the regulatory environment for cryptocurrency and digital asset markets in the country.
The endorsement builds on Australia's prior efforts to establish robust anti-money laundering and counter-terrorism financing (AML/CTF) rules for crypto-assets. The committee has previously recommended introducing new regulatory standards for custody arrangements of digital assets, reflecting ongoing efforts to enhance consumer protection and market integrity in digital asset markets.
Sources: ASIC
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