Australian government proposes regulations for crypto exchanges and stablecoin issuers

Crypto exchanges and stable transmitters in Australia could soon face stricter license rules under a proposed regulatory upheaval.

On March 20, the Treasury released A new policy document describing plans to provide key parties in the digital asset industry under existing financial services.

According to the authorities, regulations would help “identify opportunities, manage risks, unlock innovation, protect consumers and maintain market integrity”.

As part of the proposed framework, cryptographic platforms that have digital assets for customers, such as exchanges, guardians and certain brokerage houses, will have to operate under a license in Australian financial services.

The platforms that treat value installations stored in tokenized, such as certain stable transmitters, will also be introduced into the fold. These transmitters will have to meet the same requirements as other suppliers of stored values, including clear rules to exchange value and protect customer assets.

The authorities noted that this approach “would address the unique risks of [Digital Asset Platforms] And svfs tokenized ”, with additional disclosure rules to be implemented for tokens who have no clear issuers.

However, companies that create digital assets for non -financial purposes, maintain the infrastructure or the creation of blockchain software will not be regulated under new laws.

Small-scale platforms and at an early stage could also obtain a success of complete license requirements, although they can always need to respect certain tailor-made rules of compliance depending on the policy document.

The stablecoins used for payments will be confronted with surveillance similar to that of traditional non -cash payment systems, as they will be treated as installations of value stored within the framework of wider payments reform.

However, the treatment of these tokens or exchange them on secondary markets will not automatically count as financial traffic. The platforms involved in these professions will not be considered as financial markets simply because they lighten the stabbed or the wrapped tokens.

A bill should drop in 2025, the deployment dates which should be confirmed once the legislation was finalized.

Take the upset in Australia

The government also addressed the growing problem of de-banking, where cryptographic companies are refused banking services. The officials said they were working closely with the main Australian banks to “understand the extent and nature of the decomposition”.

In recent years, De-Banking has become a major headache for cryptographic companies in Australia, with great players like Commonwealth Bank, Westpac, Nab and HSBC Australia cut or restrict services to these entities.

“De-banking can have a devastating impact on dedicated businesses and individuals. risk management Through the cryptography sector and, in turn, improves confidence with banks.

For the future, regulators will also explore how tokenization could reshape asset markets, assess the crypto-tax report standards, monitor DEFI developments and weigh the potential advantages of a Central Bank digital cure For the financial system of Australia.