Australia Targets Crypto, Clearing Reforms in Finance Overhaul
- Government consults on range of issues impacting finance firms
- Decision due on crypto tokens to be covered under laws
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Australia is set to make sweeping changes to financial services laws that will tighten safety nets on the cryptocurrency market and pave the way for possible competition in the clearing of equity trades.
Under considerations outlined on Wednesday, the government will examine which crypto tokens should be covered under finance laws and also seek to strengthen Australia’s payments system. In cash equities, proposed legislation will either allow competition in clearing and settlement if a rival to ASX Ltd. emerges or give regulators more powers in the event of its ongoing dominance.