Crypto asset secondary service providers: Licensing and custody requirements

In May 2022, we responded to the Treasury’s consultation on crypto asset and secondary service providers (CASSPRs): licensing and custody requirements.

In our submission, we supported a licensing scheme for CASSPRs, founded on the ‘same risk, same rules’ principle and aligned with the single, tiered licensing scheme that was recommended in Treasury’s Review of the Australian Payments System. This would ensure that CASSPRs used as payment methods are regulated in the same way as other payment schemes that carry similar risks. We encouraged Treasury to review relevant international crypto licensing regimes to establish best practice, particularly as it relates to crypto payments.

AusPayNet’s submission is available below.