Australia is stepping up its game in the crypto space with a fresh set of regulations aimed at bolstering security and consumer protection. The country’s Treasury has unveiled plans to regulate digital asset platforms, including crypto exchanges, custodians, brokers, and stablecoin issuers.
Under the new rules, exchanges will be required to disclose assets that lack an identifiable issuer, ensuring greater transparency for investors. While smaller platforms may qualify for exemptions, they must still adhere to compliance standards.
The regulations primarily focus on platforms that hold customer assets, leaving decentralized finance (DeFi) untouched for now. Non-financial assets like NFTs, software development, and some maintenance roles are also excluded from the framework.
Stablecoin issuers will fall under Australia’s ‘stored value facility’ (SVF) framework, aligning them with European e-money regulations. Meanwhile, the Australian Securities and Investments Commission (ASIC) will continue enforcing existing securities laws on cryptocurrencies classified as financial products.
To encourage innovation, the Treasury also plans to expand its regulatory sandbox, while the Reserve Bank of Australia explores wholesale central bank digital currency (CBDC) and asset tokenization.
With these measures, Australia aims to strike a balance between fostering innovation and protecting investors in the fast-evolving crypto landscape.
