The Australian government, led by Prime Minister Anthony Albanese, has introduced a new regulatory framework for digital assets, aiming to enhance certainty for industry players and address consumer protection and market integrity risks. Major crypto platforms must now obtain an Australian Financial Services Licence, while smaller firms will be exempt. The plan includes regulations for digital asset platforms and payment stablecoins under existing financial services laws. The Australian Securities and Investments Commission (ASIC) is refining its regulatory guidance to clarify when digital assets qualify as financial products. The initiative seeks to align with global practices seen in the EU and Singapore. Additionally, the government is tackling debanking, where financial institutions limit services to crypto firms, improving risk management and transparency to mitigate these issues. Industry stakeholders welcomed the regulatory clarity, emphasizing it will help reduce uncertainty for investors and businesses, and plans for draft legislation will be made available for public consultation in 2025.

Source 🔗