The Australian government, under Prime Minister Anthony Albanese, described a new regulatory framework for digital assets, aimed at providing greater certainty to industry participants while responding to the risks linked to consumer protection and market integrity.
Reforms will require significant crypto platforms to obtain a license in Australian financial services while exempting companies and small -scale companies not involved in financial services.
Treasury declaration on the development of an innovative Australian digital asset industry paperPublished Thursday, details plan to regulate digital asset platforms and payment stages under existing financial services.
This decision follows similar regulatory approaches in the European Union and Singapore, wrote the Treasury Department.
“By lining up with international best practices, Australia can stimulate the global competitiveness of our digital asset sector,” said the newspaper.
It should be noted that the EU and Singapore have taken important measures to regulate the crypto, the EU presenting the Mica as a tailor -made regime, while Singapore has extended its existing payment services law to include crypto service providers in the context of its license and compliance framework.
Before Mica, the EU applied existing financial regulations such as MIFID II for safety tokens, the directive on electronic links for stablecoins and AMLD5 for crypto exchanges, a progressive approach similar to the strategy of Australia.
Regulatory scope and key inclusions
The proposed framework will apply to crypto exchanges, childcare services and specific brokerage platforms that facilitate trading and storage of digital assets.
Companies offering value -stored value installations, including certain stabbing issuers, will also be subject to license and compliance obligations.
However, companies creating or using digital assets for non -financial purposes, developing software or maintenance of digital asset infrastructure will not fall under the new regulations.
The government seeks to fight against the gambling
The Government has also recognized the unrest – where financial institutions restrict services to cryptographic businesses – as an increasing problem.
The new license regime aims to improve risk management and transparency within the sector, which could reduce the cases of degradation by large financial institutions.
“The government has worked with stakeholders to ensure transparency and equity, in particular by engaging with the main Australian banks to understand the extent of the speaking,” said the newspaper.
Jonathon Miller, Managing Director of Kraken of Australia, praised the initiative, highlighting the need for tailor -made legislation to reduce uncertainty.
“It’s great to see recognition of the urgent need for tailor -made cryptography legislation to fight Decipher. “By establishing a clear regulatory framework and attenuating problems such as speaking, the government can abolish obstacles that hinder the growth of the Australian economy.”
The government plans to publish a bill on public consultation this year.
The Australian Commission on Securities and Investments should also refine its directives on digital assets with other updates of its Information sheet 225.
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