Digital Assets (Market Regulation) 2023

# Digital Assets (Market Regulation) Bill 2023 ## What it does The government wants to set up an official licensing system for companies that handle cryptocurrency and digital assets. From now on, if you want to run a crypto exchange, hold people's digital coins in storage, or issue stablecoins (cryptocurrency tied to real money), you'll need a government licence. This gives ASIC (the financial regulator) the power to supervise these activities the same way they oversee banks. ## Why it matters Right now, crypto platforms operating in Australia operate in a legal grey zone with minimal oversight. This creates risks for everyday Australians—if an exchange collapses or steals your funds, there's limited protection. This bill aims to bring crypto into the regulated financial system, so you get similar safeguards to traditional banking. ## Key details - **Who's affected**: Crypto exchanges, wallet providers, and companies issuing stablecoins must apply for a licence or shut down Australian operations - **The requirements**: Licensed operators must meet specific standards around security, customer protection, and record-keeping (the exact standards will be set out in future rules) - **Foreign operators**: The bill catches overseas platforms serving Australians too—you can't just operate from overseas to dodge the rules