제목: Treasury’s draft digital asset legislation – a pragmatic step forward for Australia’s crypto sector
본문: The release of Treasury’s draft digital asset legislation is a pragmatic step forward towards allowing Australia to become an innovator and powerhouse in the global crypto market, by providing greater consumer protection and clear guidelines for market operators, which are long overdue.
By leveraging the established AFSL regime, the legislation ensures a robust regulatory environment that protects consumers, without placing unnecessary red tape on market operators, something that Crypto.com has been advocating for throughout the year.
In 2025, Crypto.com has held meetings across the country with senior members of the Government and Opposition, highlighting the benefits of utilising the AFSL regime as the basis of our regulatory framework, while also keeping the pressure on to introduce draft legislation by year-end.
Crucially, the government’s decision to leverage the existing AFSL regime, rather than introducing a requirement for businesses to hold a market operating licence as previously proposed by ASIC, demonstrates a clear understanding of the sector’s needs. This approach is more efficient, building on established regulatory infrastructure and expertise, while avoiding unnecessary complexity and cost. Requiring firms to hold a market operating licence would have stifled innovation and driven firms offshore and away from the Australian market.
The draft legislation, unveiled by Assistant Treasurer Daniel Mulino, proposes to formally introduce “digital asset platforms” and “tokenised custody platforms” as financial products under the Corporations Act, bringing them under ASIC’s oversight. We see this a positive step forward, as the greater level of oversight will create accountability for firms operating in the Australian market, with significant penalties for non-compliance. Importantly, smaller platforms with limited activity will be exempt, ensuring that the regulatory burden is proportionate and does not stifle competition or innovation.
This approach not only supports reputable operators but also enhances consumer protections, fostering sustainable, long-term growth for the industry. By leveraging tried and tested regulatory measures from overseas, such as the UK’s FCA principles and Europe’s MiCA regime, the framework ensures that digital assets are integrated into portfolios with the same oversight and protection as traditional financial products. This provides advisers, fund managers and institutional investors with greater confidence to invest, which is likely to accelerate the growth of cryptocurrency as a mainstream asset class in Australia.
The draft bill addresses uncertainty by setting targeted rules for key activities, and the consultation period allows for further refinement based on real-world feedback. This plays a key role in encouraging overseas investment here in Australia.
Overall, Treasury’s draft digital asset legislation is a turning point for Australia. It protects consumers without imposing excessive red tape, supports innovation and positions Australia as a leader in the global digital asset ecosystem.