This year, nations worldwide begin to test and implement new regulations looking to create a safer environment for investors.
Recently, Australia announced a new framework looking to implement new regulations for crypto. The announcement comes as an innovative plan to completely revamp the entire country’s economic system.
Framework Gives Governing Power to FSL
In early 2023, the country will introduce a document to define what digital assets should be governed by financial services legislation. In addition to the establishment of suitable custody and licensing settings to protect customers.
Australia’s government is currently one of the most active nations investing in digital finance. The regulations report comes just months after the nation announced plans to introduce an official CBDC for the Australian Dollar.
Indeed, the sum of the regulation bill with the CBDC makes it clear that Australia is about to go on a complete financial reform. As a result, the Reserve Bank of Australia (RBA) expects the central bank digital currency (CBDC) trial to be completed by mid-2023.
Furthermore, the country’s prime minister Anthony Albanese appears to be delivering on his promises to modernize Australia’s financial system, preparing the economy to seize new economic possibilities and adapt to future threats.
Australia Investing in Security Measures Against Attacks
Aside from creating a safe place for cryptocurrency investments, the new regulation proposal will also look to invest in security measures against potential digital attacks.
The country has had a history of suffering from digital attacks in the past. Only a month ago, Australia reported With a ransomware assault, hackers attacked a communications network used by Australian military troops and defense professionals.
In 2018, several government websites were victims of a serious ransomware attack. The security breach included various Australian government websites, including the Victorian parliament’s. The affected websites included malware that secretly mined cryptocurrency in the user’s computer.
The recently announced bill looking to revamp the Australian financial system will look to also provide serious reforms against cybersecurity
