Australia has appointed Andrew Charlton as the new Assistant Minister for Science, Technology, and the Digital Economy, alongside his role as Cabinet Secretary. This move coincides with the government's efforts to reform the digital asset landscape, highlighting the importance of regulating cryptocurrencies and modernizing the tech sector. Prime Minister Anthony Albanese emphasized Charlton's qualifications due to his economic background and international experience. Charlton will work closely with the Minister for Science, Technology and the Digital Economy, focusing on the impacts of new technology and AI on work and the economy. The Australian government also plans to introduce a regulatory framework for digital assets, requiring major crypto platforms to obtain an Australian Financial Services Licence, while smaller firms will be exempt. The reforms align with global standards and address concerns about debanking, where financial institutions limit services to crypto companies. Draft legislation is expected later this year.

Source 🔗