Australia Set For Massive Shakeup to Crypto Regulations: Treasurer

Australia Set For Massive Shakeup to Crypto Regulations: Treasurer
The government of Australia will announce the biggest reform in payment systems in 25 years, including crypto, on Wednesday, Treasurer Josh Frydenberg said.In an attempt to modernize Australia’s payment systems, the new regulations will “broaden the definition of services and products that can be regulated,” taking cryptocurrencies and digital assets “out of the shadows” and into a “world-leading” regulatory framework, Frydenberg said in an interview with 7NEWS Australia on Wednesday.Firms that buy and sell cryptocurrencies will have to be licensed to bring safety and security to users, the treasurer said. The government will also work out a licensing plan for…