In light of the worrying events that have transpired in the crypto market over the past few weeks, the government of Australia has moved to ramp up safety and regulation for crypto.

According to the island nation’s Department of Treasury, reforms are required to modernize Australia’s financial system in order to respond to future challenges.

As per a press release by the Treasury, a framework for the licensing and regulation of crypto service providers will be established in 2023. 

(by Suzuki Shillsalot)