Overview

• The Australian government has published a white paper detailing a regulatory framework for digital assets, requiring major crypto platforms to obtain an Australian Financial Services Licence.
• The framework will regulate Digital Asset Platforms, stablecoins, and tokenized stored-value facilities under existing financial services laws, while exempting non-financial use cases.
• To address debanking, the licensing regime aims to improve transparency and risk management, encouraging banks to maintain services for crypto firms.
• The government is exploring tokenization of real-world assets and wholesale CBDCs to modernize financial systems, with pilot trials planned for wholesale tokenized markets.
• Draft legislation will be released for public consultation later in 2025, with ASIC refining its guidance on digital assets, including updates to its Information Sheet 225.