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Submission to the Treasury on Crypto asset secondary service providers: Licensing and custody requirements.

May 2022

person_checking_their_cryptocurrency
CHOICE staff
CHOICE staff

CHOICE has made a submission to the Treasury 's consultation on Crypto asset secondary service providers: Licensing and custody requirements.

In May 2022, CHOICE asked members of the community about their views on regulating the crypto industry. We found that 72% of people who have purchased crypto assets in the past 12 months agree that there should be stronger consumer protections in place.

CHOICE calls for the Federal Government to urgently regulate exchanges that sell crypto assets to provide protections for consumers.

The key recommendations in the submission are:

  1. Crypto exchanges that sell or are in control of crypto assets such as Bitcoin need to be subject to strong legal obligations, including a ban on market manipulation.
  2. People should have strong consumer protections when purchasing crypto assets.
  3. The new regulatory regime should capture all crypto asset providers without any loopholes.

Download submission (PDF)

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