Crypto laws retain 'broad' ministerial powers despite industry concern
Eagerly awaited rules would bring digital asset platforms into the AFSL regime, while giving the responsible minister flexibility to redefine its limits.
Long-awaited legislation to bring digital asset services such as crypto exchanges into Australia’s financial services licensing regime has landed in parliament without major changes to proposed ministerial powers, despite tech industry warnings that these could be too broad.
The Digital Assets Framework bill is intended to lift consumer protections while supporting innovation and competition, and leave room for the responsible minister to redefine whether certain digital asset platforms should instead be subject to financial market or clearing and settlement facility licences.
In a speech to parliament after tabling the bill on Wednesday, Minister for Financial Services Daniel Mulino said getting Australia’s digital asset regulatory settings right will help “attract investment, create jobs, and position our financial system as a leader in innovation”.
He flagged that it is "currently possible for a business to hold an unlimited value of client digital assets without any financial law safeguards".
