The Australian Treasury has announced that it is collaborating with the digital asset industry, regulators, and the broader community to position the country as a leader in the global digital asset ecosystem. The Treasury stated that its approach will help the industry identify opportunities, manage risks, protect consumers, and uphold market integrity.

In a statement, the Australian Treasury said that this initiative not only aligns the country with international best practices but also makes the digital asset sector more competitive. By providing the certainty that comes with clear regulations, Australia aims to spur innovation and increase competition.

While no exact date has been provided for when the legislative reforms will begin, the Australian Treasury plans to invite the public to offer feedback on the commencement dates and methods to support a smooth transition.

Detailing its approach, which is informed by feedback from a consultation process conducted in 2023, the Australian Treasury stated:

The new DAP [digital asset platforms] regime will not impose a new regulatory burden on digital asset issuers themselves or on businesses that create or use digital assets for non-financial purposes. The aim is to mitigate key risks for consumers so the sector can safely and securely innovate and grow.

Additionally, the Australian government will reform its payments licensing regime to ensure that stablecoins, which it treats as stored-value facilities, are covered. The DAP and payments service provider (PSP) reforms will both leverage the existing Australian Financial Services License (AFSL) regime.

According to the statement, entities captured by the DAP regime will include trading platforms, custody products, and some brokerage arrangements. This will also apply to businesses, including foreign entities operating and dealing in DAPs and those issuing or redeeming tokenized stored-value facilities (SVFs).

Regarding de-banking, the statement acknowledged that the digital assets industry has been affected by this practice, which can have a devastating impact on businesses and individuals. However, the Australian government agreed to implement the Council of Financial Regulators’ recommendations, which aim to provide a better understanding of the extent and nature of the de-banking problem.

Meanwhile, the Australian government announced that it will begin reviewing the Enhanced Regulatory Sandbox (ERS) in 2025. Some expect the ERS to play a greater role in facilitating new products and business models in Australia.

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