A major audit was announced earlier this month.
The Albanese government's audit of the crypto sector will serve as a boost for financial advisers, according to an RMIT University expert.
Earlier this month, the Albanese government announced a world-first “token mapping” project to commence this year, with the aim to “improve” the way Australia’s regulatory system manages crypto-assets.
Token mapping will seek to determine the characteristics of all the digital tokens available in Australia, providing the government with the crucial knowledge to tackle fresh regulator in the crypto area.
The government said its ultimate goal is to ensure “customers engaging with crypto are adequately informed and protected”, in a manner that embraces new and innovative technologies.
“So I think we’re going to have to understand what the way that we approach that is. I don’t think we can hide from it because it may be on the fringes now, but in the future, we might go there,” Mr Singh said.
“I really feel sorry for advisers at the moment, because there’s no guidance as to having these conversations. It’s not regulated and there’s no guidance that they can have, if this is what we should do, what we shouldn’t do.
“I think the regulators are going to have to lean in and we, as an industry, are probably going to need to work with them.”
Listen to the full podcast with Mr Singh here.
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
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