Australia’s Treasury stated Wednesday that it recognizes the seriousness and danger of de-banking, and that inaction may drive businesses underground.

In the same statement it also endorsed the majority of the previous advice given by the Council of Financial Regulators on de-banking, which could have an impact on crypto-related entities.

Recent events in Australia have seen the Commonwealth Bank (CBA), citing “scams” and “the amount of money that customers lost”, apply partial restrictions. Binance Australia also halted Australian Dollar (AUD) withdrawals and deposits by bank transfer, “due” to a decision by a third party payment service provider.

The CFR made four policy recommendations to the government last year on possible responses to the de-banking.

The Australian Government “agreed to” the data collection recommendations and “supported” that all banks implement the measures to improve transparency, fairness and de-banking in relation to.

The Australian government has also endorsed the recommendation for Australia’s four largest banks to publish guidelines applicable to digital currency exchanges. The four major Australian banks are Commonwealth Bank (Australia), National Australia Bank (Australia), ANZ Bank (Australia) and Westpac.

The government has chosen to clarify its position on de-banking, just hours after Blockchain Australia, Australia’s industry association, made a new commitment. This commitment was to reduce “the intersection between crypto-assets (crypto-currencies) and scams” and to collaborate with payment providers and bank to stop scams.

Blockchain Australia made its commitment after hosting the “Stopping Scams Roundtable”, which included 28 representatives and observers from ASIC and Treasury. had earlier this month denounced de-banking cryptocurrency platforms, and announced that it would hold a roundtable discussion to discuss the matter.

Read more: Australia’s Crypto Industry Body denounces Recent Bank Restrictions

Parikshit Miishra is the editor.