The Albanese Government is working with industry and regulators to develop a fit for purpose digital asset regulatory regime, to build a more dynamic and competitive economy.
Our Government takes the crypto industry seriously and we know that blockchain and digital assets present big opportunities for our economy, our financial sector and innovation.
Millions of Australians are using or investing in digital assets every year and we want to make sure they can do that as safely and securely as they can while also encouraging innovation.
That’s why we welcome the Australian Securities and Investments Commission’s announcement today that it will work with stakeholders to update its advice on digital assets, including cryptocurrency.
The independent regulator will consult widely to update its guidance about how current financial product definitions apply to digital assets and related products.
This will help provide more clarity and certainty to investors, businesses and the community about digital asset regulation so Australians can invest and innovate with confidence.
Getting the balance right on the regulation of digital assets is part of building a dynamic and competitive economy and we’re closely watching developments around the world.
Feedback from ASIC’s consultation will help inform exposure draft legislation for the Government’s ‘digital asset platform’ and ‘payment stablecoin’ reforms, which will be released in 2025.
This legislation will create a licencing regime for businesses offering customers digital assets and holding them for Australians, and clarify the appropriate regulatory framework for stablecoins.
Harnessing data and the digital economy is part of our five pillar productivity agenda and we see digital assets playing a big role here.
The previous government dabbled in crypto policy but never took the time to modernise our regulatory frameworks to protect consumers and guide this new and emerging class of assets.
We are taking action to ensure consumers are adequately protected and innovation can flourish.
Further information on the consultation can be found on the ASIC website.