Global Push for Digital Asset Regulation: Updates from Australia and the UK
As digital assets gain mainstream traction, Australia and the UK are advancing landmark legislation to clarify their legal status and oversight. Here’s the latest on their regulatory efforts:
Australia’s Digital Assets Bill Progresses**
The *Digital Assets (Market Regulation) Bill 2023* is undergoing Senate review, with a focus on balancing innovation and consumer safety. Recent updates include:
CBDC Pilot Alignment**: The Reserve Bank of Australia (RBA) has linked the bill’s reporting requirements to its ongoing central bank digital currency (CBDC) pilot, "Project A$." Institutions must now disclose CBDC-related risks by Q3 2025.
- **Industry Feedback**: Crypto exchanges like CoinJar and $BTC
BTC Markets have endorsed the framework but seek extended timelines for compliance, citing infrastructure costs.
UK’s Property Bill Nears Final Approval**
The *Property (Digital Assets etc) Bill* cleared its Third Reading** in the House of Lords on May 8, 2025, with key amendments:
Enhanced Fraud Safeguards: Post-committee revisions mandate platforms to implement real-time transaction monitoring, addressing concerns from the Law Society.
DAO Recognition: A last-minute amendment clarified that decentralized autonomous organizations (DAOs) fall under the “third category” of property, bolstering their legal standing.
The bill now moves to the House of Commons, with potential enactment by late 2025.
Global Implications
Both bills signal tighter collaboration with international standards. Australia’s Treasury has engaged with the Financial Action Task Force (FATF) on cross-border crypto rules, while the UK aims to align its framework with the EU’s MiCA regulations to ease market access.
Industry Reactions
UK Tech Surge: Legal firms like Clifford Chance report a 30% rise in digital asset dispute inquiries, anticipating clearer ownership rights.