Australia appoints new assistant technology minister to push for cryptocurrency regulation

Australian Prime Minister Anthony Albanese announced today that he has appointed Andrew Charlton as Assistant Minister for Science, Technology and the Digital Economy and Cabinet Secretary to drive the country's strategic development in digital asset regulation and technological innovation.Prime Minister Albanese said Charlton's extensive experience in economic policy and international affairs makes him "very qualified" to take on this dual responsibility. He noted: "Charlton will work closely with Science Minister Tim Ayers to focus on emerging technologies, artificial intelligence, and the broad impact these changes have on employment patterns and economic structure."The appointment has received a positive response from the technology and financial industries. Caroline Bowler, CEO of cryptocurrency trading platform BTC Markets, said the move "reflects the government's strong commitment to collaboration and effective policy implementation." She noted: "Charlton deeply understands the rapid development of the digital economy, and we believe he will promote the construction of a resilient and future-oriented digital infrastructure."The personnel adjustment also echoes the Australian government's overall strategy to accelerate the regulation of the crypto asset industry. In March this year, Charlton, as the Special Envoy for Cybersecurity and Digital Resilience, issued a joint statement with Assistant Treasurer Stephen Jones, outlining the next steps for the licensing system for crypto trading platforms.The reform aims to align Australia's regulatory system with international frameworks such as the EU Markets in Crypto-Assets Act (MiCA) and Singapore's Payment Services Act to enhance global competitiveness. Digital asset platform MHC Digital Group said Charlton's firm support for blockchain technology and digital assets demonstrates Australia's determination to accelerate the establishment of an effective regulatory mechanism.According to the proposed draft published by the Treasury, larger crypto companies will be required to apply for an Australian Financial Services License; smaller companies or those that do not provide financial services may be exempted accordingly.The Treasury also specifically pointed out the issue of "de-banking", that is, some financial institutions have reservations about providing services to cryptocurrency companies. To this end, the government has started consultations with major banks to improve industry transparency and risk control through new regulations.The relevant draft legislation is expected to be officially announced later this year. At the same time, the Australian Securities and Investments Commission (ASIC) will also update its digital asset regulatory guidelines to better cope with the rapidly evolving technological environment.