While the Trump administration announces plans to accumulate Bitcoin and other digital assets, the Australian government focuses on regulating the sector.
According to Cointelegraph, Australia has no intention of creating a strategic cryptocurrency reserve. A spokesperson for the Australian Minister for Financial Services, Stephen Jones, confirmed that the government led by Anthony Albanese is focusing its efforts on regulating digital asset platforms rather than directly holding cryptocurrencies. Jones stated:
“The government has consulted on our proposals to create a fit-for-purpose regulatory framework for digital assets and continues to work closely with the sector.”
Tom Matthews, head of institutional relations at the Australian exchange Swyftx, stated that creating a national cryptocurrency reserve could present several complexities, including the risk of concentration in certain tokens and high price volatility. “If the goal is to hedge against crises, the volatility of cryptocurrencies could be a problem,” said Matthews, instead suggesting the creation of a sovereign fund with a long-term investment strategy.
Jonathon Miller, managing director of Kraken Australia, highlighted that the digital asset market is already recognized as an investment asset by pension funds and sovereign funds. “If it is suitable for these institutional investors, it could also be appropriate for the Future Fund or even the Australian Treasury,” Miller stated.
Sector regulation
While the Australian government rules out the creation of a strategic reserve, authorities are strengthening the sector’s regulatory framework. The Australian Transaction Reports and Analysis Center (AUSTRAC) has announced that from 2025, it will intensify oversight of cryptocurrencies, particularly ATM providers, to ensure compliance with anti-money laundering laws. At the same time, the Australian Securities and Investments Commission (ASIC) has published new guidelines classifying various cryptocurrencies as financial instruments, requiring companies operating in the space to obtain the necessary licenses.