Australia outlines its cryptocurrency regulation plan, committing to take de-banking actions

ChainCatcher news, the Australian government plans to release a draft of cryptocurrency regulatory regulations in 2025 and has committed to working with the four major banks to address the issue of de-banking. The new framework will impose compliance requirements of existing financial services laws on cryptocurrency exchanges, custodial services, and more, including customer asset protection, financial services licenses, and minimum capital requirements.

In addition, the government will review central bank digital currencies and launch an enhanced regulatory sandbox in 2025 to support businesses in testing new financial products without a license. The Albanese government also stated that it will focus on the intersection of cryptocurrency and de-banking issues to ensure Australia maintains its competitive edge globally.