According to the Finance Ministry, the bill will regulate cryptocurrency exchanges and payment services within the framework of the existing legislation on financial services.

Companies will be required to comply with rules for protecting users' digital assets, obtain a license to provide financial services, and disclose information about the minimum amount of capital.

The changes in legislation will not affect all participants in the digital industry. In particular, the requirements will not affect small crypto platforms, blockchain developers and companies whose products do not fall under the financial category.

As part of the regulatory environment improvement program, the government will engage with major Australian banks to study the issue of crypto companies being de-banked - denied services.

A range of research into central bank digital assets (CBDC) is also planned, as well as the launch of a regulatory sandbox so that companies can test their financial crypto products without a license.

Earlier, the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced that it had begun investigating 13 local crypto exchanges for compliance with anti-money laundering laws.