Australia's government, led by Prime Minister Anthony Albanese, announced on March 21, 2024, a proposed crypto framework that will regulate exchanges under existing financial services laws. The Treasury Department stated that crypto exchanges, custody services, and some brokerage firms trading or storing crypto will be subject to the new laws, imposing compliance requirements similar to other financial services, including safeguarding customer assets and obtaining an Australian Financial Services Licence. Small-scale platforms and blockchain software developers will be exempt. The government intends to release draft legislation for public consultation in 2025 and address de-banking issues. A review into a central bank digital currency and an Enhanced Regulatory Sandbox are also planned for 2025. The announcement comes as a federal election looms, with recent polls showing a tight race between the Labor Party and the Coalition. Industry figures like Caroline Bowler of BTC Markets and Jonathon Miller of Kraken Australia have responded, noting the need for additional detail and bespoke crypto legislation.
Australia Proposes Crypto Framework Under Existing Financial Services Laws, Draft Legislation Expected in 2025
Edited by: Yuliya Shumai
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