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
The ABA welcomes today’s consultation paper from APRA on proposed changes to bank credit risk capital settings, which have the potential to support more lending and lift productivity. ABA CEO Simon Birmingham said the consultation was a welcome step towards a more efficient capital framework while still retaining the underlying strength and stability of Australia’s… Read more »
E&OETV InterviewSky News Business Weekend with Ross Greenwood21 June 2026 Topics: Economic contribution of banks Ross Greenwood: Well Australia’s banks, love them or loathe them, they are a necessity. We need them strong to provide the security for lenders and depositors. We need them well-regulated to keep them from again putting profit ahead of their… Read more »
ABA CEO Simon Birmingham delivered the following introductory remarks ahead of a panel on the value of banking to the Australian economy, launching new Mandala research, at the 2026 ABA Banking Conference. Our piece of work that has been released today, Mandala providing the intellectual backdrop and analysis to support us in this, the essential… Read more »