Sweeping reforms are coming to Australia’s crypto sector, including a new tax system, additional protections for investors, and regulation for crypto exchanges and brokers.

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Fast facts

  • The Australian government will release documents relating to the regulation on Monday as it begins further consultation with the crypto industry.
  • One paper seeks industry input on developing a licensing or custody regime for digital assets, as the Treasury considers compelling crypto exchanges to hold Australian’s investments onshore.
  • The reforms are expected to be implemented by the end of the year.
  • Australia’s Council of Financial Regulators will also be tasked on Monday with reviewing the practice of major banks “de-banking” crypto businesses.
  • Australian Treasurer Josh Frydenberg first announced these measures in December as part of broader reforms to the country’s payment sector, which he said were the most significant in 25 years.
  • Many of these reforms are based on recommendations made in a Senate report on Australia’s fintech industry handed down late last year.

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