"We're taking this area out of the shadows and bringing it into a considered regulatory framework, which is world-leading," said Frydenberg, adding that, "We want those businesses that are buying and selling cryptocurrencies to be properly licensed," in order to "provide greater certainty and security to those people who are transacting in that area."

According to Reuters, the Australian government will begin consultation on establishing a licensing framework for digital exchanges in early 2022, and will consult on regulating businesses that hold crypto on behalf of their customers.

Australia's treasury will also work alongside the country's central bank on a CBDC (central bank digital currency).