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The Australian government is rolling out a new plan to regulate cryptocurrency platforms and put an end to ‘de-banking,’ where banks cut off services to crypto businesses. The goal? Bring crypto exchanges and digital asset firms under existing financial laws while ensuring banks don’t shut them out.
What’s in the Plan?
- Regulating Crypto Platforms: Crypto exchanges and custody providers will need to follow the same financial laws as banks, including getting a license and keeping customer funds safe.
- Stablecoin Rules: Some stablecoins will fall under new payment regulations, but others—like wrapped tokens—might be exempt.
- Fighting ‘De-Banking’: Banks have been shutting out crypto businesses, making it hard for them to operate. The government is working with Australia’s biggest banks to fix this.
- Future Moves: A possible central bank digital currency (CBDC) and a testing ground for new financial products could be coming in 2025.
Industry Reactions
Caroline Bowler, CEO of BTC Markets, thinks the regulations are a good step but warns they shouldn’t be too strict. Jonathon Miller from Kraken Australia says the industry needs clear rules to stop uncertainty and boost growth.
With elections coming up, it’s unclear how fast these plans will move. But one thing is certain—Australia wants to keep up with global crypto regulations.
