Australia takes decisive steps towards creating a clear organizational framework for the encryption sector, according to the Treasury Treasury statement To develop the innovative Australian digital asset industry.
The Treasury said that this step aims to provide greater protection for consumers, reduce risks, and bring the clarity that affects the need in this industry.
The organizational framework
Under the proposed framework, some encryption companies will be placed under the current financial services laws.
This includes stablesoin, and all of them must obtain the Australian financial services license (AFSL) to work legally. These companies will also undergo new rules designed to reflect the specific nature of digital assets.
The Treasury argued that these measures are necessary to reduce custody, liquidity, the interviews of the opposite party, fraud and cyber security risks. Meanwhile, companies that deal with products with distinctive stored value-such as Stablecoins used for payments-will need to meet strict requirements.
This includes guarantees for customer assets, recovery, and liquidity support, which reflects the standards applied to traditional non -cash payment systems.
While the rules aim to bring more structure to the industry, all entities related to the encryption will fall under the new system. Developers will remain the creation of non -financial Blockchain applications and those who build or maintain decentralized protocols.
In addition, smaller startups that do not meet the proposed sills can also be exempt, although they may still need to follow the limited compliance rules.
The Treasury confirmed that a draft copy of the legislation will be issued later this year for public consultation. Inputs from Australian Securities and Investment Committee (ASIC) It will help form the final frame.
Wide repairs
Beyond the license, the government is Explore wider encryption repairs. This includes new CARF asset reports and measures to solve Debanking challenges that affect many encryption companies.
According to the authorities:
“The disposal of banking can have a devastating impact on companies and bank individuals. Competition and innovation can also be strangled in the financial services sector, and negatively affect Australia.
economy.”
In addition, the organizers also examine the laws of the distinguished code and the possibility of launching a central bank’s digital currency (CBDC).
Meanwhile, the augmented regulatory sand fund (ERS) will undergo a review in 2025. This sand fund allows companies to test financial services and credit innovations without the need for a license, and assistance
