Australia takes decisive measures to establish a clear regulatory framework for the cryptography sector, according to the Treasury Statement on the development of an innovative Australian digital active industry.
The Treasury said that this decision aims to ensure greater protection against consumers, reduce risks and provide an essential clarity to industry.
Regulatory framework
As part of the proposed framework, certain Crypto companies will be introduced under existing financial services.
This includes exchanges, guards and stablecoin issuers, which must all obtain a license in Australian financial services (AFSL) to operate legally. These companies would also be subject to new rules designed to reflect the specific nature of digital assets.
The Treasury argued that these measures are essential to reduce custody, liquidity, counterpart relations, fraud and the risks of cybersecurity. Meanwhile, companies dealing with value -stored value products – such as the stalls used for payments – will have to meet strict requirements.
These include guarantees for customer assets, buyout processes and liquidity support, reflecting the standards applied to traditional non -cash payment systems.
Although the rules aim to bring more structure to industry, all the entities linked to the crypto will not fall under the new diet. Developers creating non -financial blockchain applications and those who build or maintain decentralized protocols will remain outside the scope.
In addition, small startups that do not respect the proposed thresholds could also be exempt, although they can always need to respect limited compliance rules.
The Treasury confirmed that a draft version of the legislation will be published later this year for public consultation. The contribution of Australian Securities and Investments Commission (ASIC) will help shape the final framework.
Broader reforms
Beyond licenses, the government explores wider reforms linked to cryptography. This is in particular a new framework of reports on crypto assets (CARF) and measures to resolve the debannage challenges affecting many cryptographic companies.
According to the authorities:
“De-banking can have a devastating impact on dedicated businesses and individuals.
economy.”
In addition, regulators also examine the laws on tokenization and the possibility of launching a digital currency from the Central Bank (CBDC).
Meanwhile, the improved regulatory sandbox (ERS) will undergo a revision in 2025. This sandbox allows companies to test financial services and credit innovations without the need for a license, helping to stimulate secure experimentation in the Espace Fintech in Australia
