Australia Introduces a New Crypto Regulatory Framework

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The Australian government, led by Prime Minister Anthony Albanese, has introduced a regulatory framework for digital assets to enhance certainty for industry participants while addressing consumer protection and market integrity risks.

The reforms will mandate that major crypto platforms obtain an Australian Financial Services Licence, although smaller firms and businesses not engaged in financial services will be exempt.

In the Treasury’s statement, released Thursday, the focus is on regulating Digital Asset Platforms and payment stablecoins under current financial services laws, as detailed in the “Developing an Innovative Australian Digital Asset Industry” paper.