The Australian government, led by Prime Minister Anthony Albanese, has unveiled a new cryptocurrency regulatory framework. The new rules will require major crypto platforms to obtain financial services licenses but will not affect smaller companies and non-financial institutions. The reforms are aimed at increasing transparency, consumer protection, and combating money laundering, which should strengthen trust in the industry.

Australia aims to follow international best practices, such as regulation in the EU and Singapore, to make its crypto sector more competitive. The new rules will affect crypto exchanges, custodial services, and stablecoin issuers, but will not affect companies using digital assets for non-financial purposes. The government also plans to address the issue of debanking, where banks restrict services to crypto companies.

The bill will be put out for public consultation this year, and the Australian Securities and Investments Commission will clarify its guidance on digital assets. These steps are aimed at creating a clear regulatory framework that will remove uncertainty and support the growth of the crypto industry in the country.