16 October 2023
The Australian Banking Association (ABA) supports the Federal Government’s resolute action to regulate crypto exchanges, saying it is a “very welcome step in the fight against scams”.
“Almost half of scammed funds are currently being channelled into crypto, the getaway vehicle of choice for scammers. Once the stolen money reaches a crypto exchange, it is virtually impossible to recover,” ABA CEO Anna Bligh said today.
Under the proposed changes, crypto and digital asset platforms will be subject to Australian financial services laws and will need to hold a financial services license.
“This means no matter what financial services door a customer walks through, customers will be protected by the same regulatory standards,” Ms Bligh said.
“This is good news for consumers who are under relentless attack from scammers hell-bent on serving up ever more complex and cunning scams.”
“A rigorous licensing system for the crypto industry will mean greater oversight.”
“The changes will also help banks and customers ensure money is only transferred to reputable crypto operators that are subject to strict rules and regulator enforcement action.”
Read the full announcement here.
Latest news
Banks welcome the introduction into Parliament today of legislation to create a new regulatory framework for digital asset businesses. ABA CEO Simon Birmingham said given the growing use of digital assets in our economy it was crucial they were captured under a strong and robust regulatory framework. “The role of digital assets in our economy… Read more »
E&OE Radio Interview Mix 104.9 Darwin 20 November 2025 Topics: Black Friday scam warning; meta profiting from scam ads. Katie Woolf (Host): Now, we are due to catch up with the Australian Banking Association of Australia, because they’re urging Territorians and indeed, everybody across Australia to stay alert as Black Friday sales kick off with shoppers losing almost $40 million to scams in the past year. And I know that we… Read more »
Lending to Aussie farmers now exceeds $140 billion as banks continue to recognise the integral role agriculture plays in supporting the regions and the wider Australian economy. The ABA has today marked National Agriculture Day, launching its 2025 Banking in Agribusiness report, which shows outstanding credit to Australia’s 170,000 agribusinesses has jumped 80 per cent… Read more »