Regulators Scramble to Regulate Rapidly Growing Digital Assets

Financial regulators in Australia are working to keep pace with the rapid growth of new digital assets. The Digital Economy Council of Australia (DECA) conference, held this year, saw active involvement from all key regulators, ASIC, AUSTRAC, APRA, and the ATO.

Lucy Adamson, a partner at McCullough Robertson Lawyers, noted that historically regulators viewed digital assets through an existing regulatory lens. However, 'that position has now shifted.'

By late 2026, new legislation covering financial products and services related to digital asset platforms is expected to be implemented. This reflects recognition that the existing framework needs to evolve due to market developments.

Defining what constitutes a digital asset remains one of the biggest regulatory challenges, according to Adamson. Overseas businesses are seeking advice on how Australia's evolving framework applies to them, and younger Australians are driving broader acceptance of cryptocurrency and other digital financial assets.