Digital Asset Platforms (DAPs) are online platforms that hold digital assets, such as crypto, for consumers. The Government is working with industry, regulators and the broader community to make Australia a leader in the global digital asset ecosystem. Digital assets are a rapidly evolving part of the economy, offering opportunities for new products and productivity gains. The potential benefits of these assets are far reaching, from streamlining payments systems to transforming how we invest and do business.

This statement aims to provide clarity and certainty to the digital assets sector. It outlines the government’s approach to reform, progress to date and the forward workplan. Entities that will be included in this DAP regime are:

• DAPs providing common digital products, where there is an underlying custody arrangement. These include trading platforms, custody products and some brokerage arrangements.
• Businesses, including foreign entities, providing specified services, such as operating and dealing in DAPs and issuing and redeeming tokenised SVFs. Providing advice on using DAPs will be included.

Key pillars of Australia’s approach to digital assets

1. A framework for DAPs.
2. A framework for payment stablecoins, which will be treated as a type of Stored-Value Facility (SVF) under the Government’s Payments Licensing Reforms.
3. A review of Australia’s Enhanced Regulatory Sandbox.
4. A suite of initiatives to investigate ways to safely unlock the potential benefits of digital asset technology across financial markets and the broader Australian economy.