The Australian government has announced a comprehensive regulatory framework for digital assets, aiming to bring clarity to the crypto industry while protecting consumers. The new rules will require major crypto exchanges and stablecoin providers to hold an Australian Financial Services Licence. However, smaller platforms and non-financial service businesses will be exempt, allowing room for innovation without unnecessary burden.
Australia’s Treasury emphasized that the reforms are designed to align with global best practices, echoing similar frameworks in the European Union and Singapore. Like the EU’s MiCA regime and Singapore’s Payment Services Act, Australia’s approach will regulate digital asset platforms and payment stablecoins under existing financial services laws. The move is expected to enhance the global competitiveness of the country’s digital asset sector.
ASIC Updates Guidance on Digital Assets
The Australian Securities and Investments Commission (ASIC) also released a revised consultation paper to update its guidelines on digital asset compliance. The update to Information Sheet 225 includes 13 detailed examples clarifying when crypto products like stablecoins, wrapped tokens, and staking services qualify as financial products. These revisions aim to help platforms understand their legal obligations under the Corporations Act.
Addressing Debanking Concerns
The government has also pledged to take action against debanking, a long-standing issue affecting crypto businesses that have had their bank accounts closed without explanation. While specific measures are yet to be announced, the acknowledgment of the problem signals intent to support fair access to banking services for legitimate crypto firms.
Australia’s updated crypto stance reflects a maturing market approach—prioritizing both innovation and regulatory clarity. As the country moves forward, these reforms could shape it into a more secure and attractive hub for digital asset companies worldwide.