Australia has no immediate plans to launch a national cryptocurrency reserve, despite the U.S. announcing such a move earlier this month.
While President Trump revealed intentions to include popular cryptocurrencies like Bitcoin, Ethereum, and Solana in a strategic reserve, Australia’s government remains focused on regulating the crypto sector rather than adding digital assets to its financial reserves.
The Albanese Government, currently in power, has instead prioritized creating a strong regulatory framework for digital assets. A government spokesperson emphasized their commitment to building a system that supports blockchain innovation while ensuring digital asset platforms are properly regulated. This stance comes amid a period of political uncertainty, with a federal election required by May 17, potentially shifting the country’s crypto approach.
Industry insiders like Tom Matthews of Swyftx have pointed out the risks involved in establishing a crypto reserve, particularly the volatility and concentration risks posed by digital assets. Matthews suggests a sovereign wealth fund dedicated to long-term crypto investments might be a more viable approach. Meanwhile, Kraken’s Jonathon Miller stressed that crypto is already viewed as an investment-grade asset by funds and sovereign wealth entities, underscoring its growing legitimacy in global finance.
As the Australian crypto landscape evolves, regulators are also focusing on tightening oversight. AUSTRAC plans to ramp up its scrutiny of the sector in 2025, especially targeting crypto ATM operators, while ASIC’s recent guidelines for treating many digital assets as financial products will require crypto firms to secure licenses. Notably, Australia is becoming a leading hub for crypto ATMs, with over 1,450 machines now operational, a stark rise from just over 60 in 2022.
Tether, the largest stablecoin issuer in the world, has cemented its position as a significant force in global finance by becoming the seventh-largest holder of US Treasury Bills.
Lawmakers have taken a major step toward regulating stablecoins as the House Financial Services Committee voted in favor of a new bill aimed at bringing order to the sector.
Binance has decided to halt spot trading of Tether (USDT) within the European Economic Area (EEA) as it works to comply with the EU’s new crypto regulations under MiCA (Markets in Crypto-Assets Regulation).
California is taking a bold step toward protecting cryptocurrency investors, with new amendments transforming an existing financial regulation bill into a dedicated digital assets framework.