Australia’s Assistant Minister of Finance Trevor Power at Australian Blockchain Week said the government has finalized provisions for future regulatory reform of the crypto industry. The Ministry has developed principles for classifying digital assets based on functionality and purpose.
Power assured that the future classification structure adopted is as close as possible to the European Union’s (MiCA) principles for regulating crypto-asset markets.
“Creating sound classification rules, relying on the functionality and value system of digital assets, will allow market participants to form a common understanding of what regulatory practices will be applicable to crypto-assets,” Trevor Power said.
The official noted that changes can happen to digital assets over the course of their lifecycle, so the Treasury Department is putting in place the possibility of periodic reassessment in the new classification principles.
In early June, Australia’s Commonwealth Bank informed
users about imposing limits on the amount of outgoing payments sent to deposit accounts opened on cryptocurrency exchanges.