Australia has laid out a roadmap to regulate and integrate digital assets into its financial system, with a focus on tokenisation, real-world assets (RWAs), and wholesale central bank digital currencies (CBDCs). In a newly released white paper , the Australian Treasury, alongside the Australian Securities and Investment Commission (ASIC) and the Reserve Bank of Australia (RBA), detailed a multi-agency pilot programme that will test tokenised money—including stablecoins—for settling transactions in wholesale tokenised markets. The framework takes cues from regulatory developments in the European Union and Singapore and outlines how these digital innovations could increase efficiency, reduce intermediary reliance, and make traditionally illiquid assets more accessible. CBDC and tokenised settlement trials While the government has ruled out issuing a retail CBDC for now, it sees value in a wholesale version that could support financial market infrastructure upgrades. According to the white paper, the RBA and the Treasury are working on trials using tokenised forms of money to settle wholesale financial transactions. These pilot programmes aim to evaluate whether tokenised markets can reduce settlement risk, simplify trade processes, and lower transaction costs. By enabling automation and reducing dependency on multiple intermediaries, the government believes these systems could significantly improve market efficiency and open up broader access to previously illiquid assets. The trials will include stablecoins and other tokenised assets, with agencies looking to test how these technologies interact in a regulated, scalable environment. The collaborative effort will also examine the infrastructure needed to support a future tokenised economy. Crypto platforms face new DAP rules As part of its approach to regulating digital assets, Australia will implement a licensing system for crypto exchanges. These platforms will need to comply with existing financial services laws, including capital adequacy and disclosure requirements. DAP operators will also be required to use third-party custodians for safeguarding customer assets, reflecting a push toward increased consumer protection in the wake of high-profile collapses in the cryptocurrency industry. By introducing a structured regulatory environment for digital asset trading platforms, the government aims to bring greater transparency and reliability to the ecosystem. This marks a shift toward aligning crypto-related services with traditional financial standards. Anti-debanking plan for crypto firms To tackle the ongoing issue of de-banking, which has left many crypto businesses struggling to access traditional banking services, the white paper includes plans to address this through the DAP licensing model. The goal is to make it easier for licensed digital asset businesses to establish and maintain banking relationships. The document highlights that clear licensing could give banks greater confidence when assessing risk and engaging with crypto firms, potentially resolving some of the friction seen in the past. Australia’s anti-debanking effort echoes discussions in the US, where lawmakers such as Senator Tim Scott have raised concerns about regulators using “reputational risk” to limit crypto firms’ access to banking infrastructure. Scott’s FIRM Act aims to block this practice, advocating instead for more transparent and consistent regulatory treatment. Push to align with global digital standards The Australian Government’s digital asset strategy reflects a broader commitment to keeping pace with international financial innovation. By referencing the frameworks already developed in the EU and Singapore, the white paper positions Australia as a nation aiming to maintain competitiveness in the global digital economy. In the long term, these reforms are expected to lay the foundation for a modernised financial system where tokenised assets, wholesale CBDCs, and regulated platforms operate within a cohesive legal and technological framework. As pilot programmes begin, industry participants and regulators will closely watch their outcomes to inform future policy direction. The post Australia pushes for clearer crypto rules, addresses debanking concerns appeared first on Invezz
