Crypto Reforms Encourage Tokenization, Australian Official Says (Correct)

Australia’s crypto regulations aim to encourage the tokenization of real-world assets while protecting consumers, finance minister Stephen Jones said.

New regulations that would license crypto token exchanges operating in the country, apply unique industry standards, and require standard contracts to protect consumers are expected to become law next year.

About 50,000 Australian consumers were affected by the collapse of FTX, according to an October Treasury paper. Financial losses associated with crypto assets this year amounted to A$146 million ($95 million), a 33 percent increase, Treasury confirmed.

The reforms under consultation target crypto asset or token exchanges because the country’s financial ...