Updates on Australia’s Digital Asset Regulation and Enforcement

Australia’s regulators have provided significant updates on their digital assets sector plans, including a draft framework for stablecoins and increased enforcement against unlicensed entities. These announcements were made at the “Digital Assets: Anchoring the Digital Economy” event hosted by Blockchain Australia, now rebranded as the Digital Economy Council of Australia (DECA).
The Australian Treasury plans to release draft legislation by the end of 2024, which may also include stablecoin regulations. Chris Adamek, director of the digital asset policy unit, mentioned that this draft would be made public before the end of the year.
The Australian Securities and Investments Commission (ASIC) is actively monitoring international cases and collaborating with global counterparts, including the EU, Singapore, Malaysia, Hong Kong, and North America. Dr. Rhys Bollen, senior executive leader of digital assets at ASIC, emphasized the importance of crypto entities adhering to legal precedents and regularly reviewing their tokens, products, and services to stay compliant. ASIC has taken legal action against Binance Australia and eToro and plans to appeal recent judgments favoring crypto entities like Block Earner and BPS Financial Pty Ltd.
Overall, Australia’s regulatory landscape for digital assets is evolving, with increased scrutiny and collaboration on a global scale to ensure compliance and protect consumers.