The Australian government has unveiled a new regulatory framework for digital assets, aiming to provide greater clarity for industry participants and address consumer protection and market integrity risks.
In a Treasury statement titled “Developing an Innovative Australian Digital Asset Industry” released Thursday, the government outlined its plan to regulate digital asset platforms and payment stablecoins under existing financial services laws.
The reforms will require large crypto platforms to obtain an Australian Financial Services License (AFSL), while exempting smaller firms and non-financial service businesses.
“By aligning with leading international practices, Australia can enhance the global competitiveness of our digital asset sector,” the document states.
A consultation paper published by the Australian Securities and Investments Commission (ASIC) proposes updates to its digital asset guidance, focusing on compliance requirements under the Corporations Act.
Following the EU and Singapore’s lead
The updated Information Sheet 225 (INFO 225) includes 13 working examples aimed at clarifying when digital assets are considered financial products — such as stablecoins, wrapped tokens, and staking services. ASIC describes various scenarios including exchange tokens, yield products, and more.
The Treasury emphasizes that Australia's crypto rules are aligned with regulatory approaches in the European Union and Singapore.
Previously, the EU introduced its MiCA framework as a dedicated regime for crypto, while Singapore expanded its existing Payment Services Act to bring crypto service providers under its licensing and compliance framework.
As we wrote, the Australian government is discussing implementing the global crypto tax reporting standard developed by the Organisation for Economic Co-operation and Development (OECD).
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