The Australian government plans to create a framework for licensing and regulating cryptocurrency service providers in 2023.

The government will release a consultation paper in early 2023 to define which digital assets should be subject to financial services laws and what rules are needed to protect consumers.

Furthermore, the government will also consult on its planned custody and licensing framework for crypto.

In addition to regulating cryptocurrency, the government also plans to strengthen Australia’s payments systems and financial market infrastructure, as well as establish a regulatory framework for Buy Now Pay Later services in 2023.