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Government Takes on Debanking Crisis
Australia’s crypto sector has long suffered from debanking, where major banks deny services to crypto businesses. Authorities pledged to work with financial institutions, including Commonwealth Bank, Westpac, NAB, and HSBC Australia, to address the issue.
The reforms aim to restore trust between banks and crypto firms, potentially leading to greater banking access for digital asset platforms.
The government has pledged to explore tokenization, DeFi regulations, and crypto tax reporting standards, signaling a broader commitment to digital finance. While no new crypto-specific tax laws are planned, the Australian Tax Office (ATO) will form a working group to provide clearer guidance.
With draft legislation set for 2025, the upcoming federal election could impact the regulatory landscape. The opposition Coalition, led by Peter Dutton, has also pledged to prioritize crypto regulation if elected.
