The Australian government is bolstering its market regulator's digital asset team as part of a “multi-stage approach” aimed at clamping down on crypto and ensuring proper risk disclosures from crypto firms. A Feb. 2 joint statement by Australian Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones explained that the new measures are aimed at protecting consumers dealing with cryptocurrency. The treasurers said the multi-stage approach would involve three elements, including strengthening enforcement, bolstering consumer protection, and establishing a framework for its token mapping reform. (Cointelegraph)

The Australian Securities and Investment Commission (ASIC) placed the Australian arm of the now-bankrupt cryptocurrency exchange FTX under surveillance months before its demise in November 2022.

The National Australia Bank (not to be confused with the Reserve Bank of Australia) plans to launch its own AUDN stablecoin pegged to the Australian dollar by mid-2023.

Ripple has reached a new milestone in Australia with its native token, XRP, recording the highest trading volumes on exchanges. With this, Ripple now dominates Australian crypto exchanges as the XRP community anticipates a final court ruling in the lawsuit with the U.S. SEC (Securities And Exchange Commission).

One of the four biggest banks in Australia, the National Australia Bank (NAB), has announced that it will soon roll out a new Australian dollar-pegged stablecoin on Ethereum and Algorand. By doing so, NAB has become the second of the country’s major financial institutions to build a stablecoin.

Australian crypto exchange Swyftx is set to shutter its crypto-interest product this week, citing a “constantly changing regulatory landscape” for crypto products in the country. From Jan. 10 local time, the crypto exchange will cease to operate the "Earn" program, while users will have their entire Earn balances returned to their trade wallets. Swyftx said the decision might be “disappointing” for users, but they are “committed to doing what is best for the program in the near term.” (Cointelegraph)

Australia had a total of 225 Bitcoin ATMs by the end of 2022 after installing around 150 machines in the final four months of the year, overtaking El Salvador and Poland to become home to the fourth-highest number of crypto ATMs in the world, according to data from CoinATMRadar.com. The Monetary Authority of Singapore, the city-state’s central bank, issued new guidelines in January 2022 to restrict crypto businesses from promoting their services to the general public, leading crypto ATM operators to halt their services in the country. (forkast)

The Department of Treasury, the Australian Government ministerial department responsible for economic policy, fiscal policy, market regulation, and budgeting, announced that the country will introduce stricter rules for crypto in early 2023.

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.