Australia Unveils New Crypto Regulations, Promises to Address Unbanking

According to Decrypt, the government led by Australian Prime Minister Anthony Albanese has proposed a new framework for digital asset regulation, aiming to enhance industry certainty, strengthen consumer protection and market integrity. The reform requires major crypto platforms to apply for Australian financial services licenses, while small non-financial services companies are exempt.

The policy document "Developing an Innovative Australian Digital Asset Industry" released by the Australian Treasury pointed out that the new regulations will cover exchanges, custody, specific brokerage platforms and stablecoin issuers, improve consistency with international standards, and enhance the industry's global competitiveness. Digital asset development, software development and infrastructure maintenance companies for non-financial purposes are not within the scope of regulation.

The government is also concerned about the "de-banking" trend of financial institutions, saying that the new licensing mechanism is expected to improve risk management and transparency, reduce bank service restrictions on the crypto industry, and is communicating with major banks on countermeasures.