26 November 2025
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 is increasing and they should be subject to strong regulatory oversight, including ensuring platforms hold Australian Financial Services Licences,” Mr Birmingham said.
“When consumers use digital assets such as crypto and interact with platforms, they have the right to similar protections against fraud or wrongdoing as is seen in the rest of the financial services industry.
“Australians are making more use of digital assets, but the rules around their use have not kept pace. This new regulatory framework helps to close that gap by ensuring platforms must meet standards that protect consumers and maintain trust in our broader financial system.
“Banks will continue to work with Government, regulators and industry stakeholders to support the effective implementation of this new regulatory framework.”
Latest news
E&OE Bran Black, BCA: I’m here with colleagues from industry associations that represent the length and breadth of Australia’s economy, and we’re here today to talk about a couple of key features of the Budget. What I wanted to do is just take a step back first and just talk about how we came together…. Read more »
The Alliance of Industry Associations described measures in the Federal Budget as positive first steps on productivity reform, while calling for further action to deliver sustained cost of living relief for households and businesses. The Alliance, representing around 30 industry groups from a broad cross-section of Australia’s economy, has previously called for a significant package… Read more »
The ABA says the 2026 Federal Budget lays the groundwork for reforms that enhance productivity across the financial services sector and the broader economy. Projected improvements to the overall Budget position through lower deficits and a more sustainable fiscal trajectory are also welcome. Ongoing fiscal discipline, including spending restraint, will be key to placing… Read more »