Digital Asset Reforms

Written by Claude Haiku 4.5 from the extracted text on 28 Feb 2026. It can miss or misread redacted and scanned pages. Check the source before relying on it.

A ministerial submission to the Treasurer regarding Australia's digital asset regulatory reforms compares the nation's progress against global peers and international standards. The submission notes that Australia is neither leading nor lagging globally—approximately 60 per cent of Financial Stability Board member jurisdictions expect to implement digital asset reforms by 2025, with Australia positioned within that majority at the legislative development stage. Australia's progress mirrors the United Kingdom's trajectory following public consultation. While peer jurisdictions like the European Union and Singapore have already implemented reforms, others including the United States have not. The submission identifies that Australia's regulatory sandbox is less effective than global leaders like Singapore and Hong Kong, though the government is exploring tokenisation benefits through Central Bank Digital Currency work. It also notes Australia passed the AML/CTF Amendment Bill 2024 on 29 November 2024 to implement Financial Action Task Force standards on digital assets, with most FATF member jurisdictions assessed as largely compliant.