{"id":125528,"date":"2025-03-21T07:18:06","date_gmt":"2025-03-21T07:18:06","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125528"},"modified":"2025-03-21T07:18:06","modified_gmt":"2025-03-21T07:18:06","slug":"australia-outlines-crypto-regulation-plan-promises-action-on-debanking","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125528","title":{"rendered":"Australia outlines crypto regulation plan, promises action on debanking"},"content":{"rendered":"

Source: Cointelegraph.com NewsAustralia\u2019s government, under its ruling center-left Labor Party, has proposed a new crypto framework regulating exchanges under existing financial services laws and has promised to tackle debanking.
\nIt comes ahead of a federal election slated to be held on or before May 17, which current polling shows is shaping up to a dead heat between Prime Minister Anthony Albanese\u2019s Labor and the opposing Coalition led by Peter Dutton.
\nThe Treasury Department said in a March 21 statement that crypto exchanges, custody services and some brokerage firms that trade or store crypto will come under the new laws.
\nThe regime imposes similar compliance requirements as other financial services in the country, such as following rules safeguarding customer assets, obtaining an Australian Financial Services Licence and meeting minimum capital requirements.
\nAustralia\u2019s Treasury says its new crypto regulations have four priorities. Source: Australian Department of the TreasuryIn August 2022, the government initiated a series of industry consultations to draft a crypto regulatory framework.
\n\u201cOur legislative reforms will extend existing financial services laws to key digital asset platforms, but not to all of the digital asset ecosystem,\u201d the Treasury said in its statement.
\nSmall-scale and startup platforms that don\u2019t meet specific size thresholds will be exempt, along with firms that develop blockchain-related software or create digital assets that aren\u2019t financial products.
\nPayment stablecoins will be treated as a type of stored-value facility under the Government\u2019s Payments Licensing Reforms; however, some stablecoins and wrapped tokens will be exempt.
\n\u201cDealing or secondary market trading in these products will be not treated as a dealing activity, and platforms where they are traded will not be treated as operating a market simply because of that trading activity,\u201d the Treasury said.
\nAs part of its crypto agenda, Albanese\u2019s government has also promised to work with Australia\u2019s four largest banks to better understand the extent and nature of de-banking.
\nThere will also be a review into a central bank digital currency and an Enhanced Regulatory Sandbox in 2025, allowing businesses to test new financial products without needing a license.
\nRelated: May election could open floodgates to institutional crypto: OKX Australia CEO
\nAlbanese\u2019s government intends to release a draft of the legislation for public consultation. However, a change of government could be on the horizon with a looming federal election, a date for which is yet to be called.
\nDutton\u2019s center-right Coalition had earlier promised to prioritize crypto regulation if it wins the election.
\nThe latest YouGov poll published on March 20 shows the Coalition and Labor neck in neck for a two-party preferred vote.
\nThe Coalition leads for topline voting intention, while Albanese continues to lead as preferred prime minister. Source: YouGovCaroline Bowler, the CEO of local crypto exchange BTC Markets, said in a statement shared with Cointelegraph that the areas of reform are sensible and would keep Australia competitive with global peers.
\nHowever, she thinks there \u201cwill be additional detail required on capital adequacy and custody requirements.\u201d
\n\u201cWe need to ensure that these requirements aren\u2019t overly burdensome for business investment in Australia,\u201d Bowler said.
\nKraken Australia\u2019s managing director, Jonathon Miller, said there is an \u201curgent need for bespoke crypto legislation\u201d to address the existing confusion and uncertainty in the country\u2019s industry.
\n\u201cWe believe that by establishing a clear crypto regulatory framework and mitigating problems like debanking, government can remove the barriers hampering growth in the Australian economy,\u201d he said.\u00a0
\nMagazine: Elon Musk\u2019s plan to run government on blockchain faces uphill battleRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsAustralia\u2019s government, under its ruling center-left Labor Party, has proposed a new crypto framework regulating exchanges under existing financial services laws and has promised to tackle debanking. It… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125528"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125528"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125528\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125528"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}