On December 19, 2024, the Australian Government’s Treasury published the Regulatory Initiatives Grid (RIG) report, setting out an ambitious roadmap for regulatory reforms in the financial sector over the next two years. The report highlights a series of transformative initiatives in three critical areas: digital asset reforms; payment services modernisation; and the reduction of debit card surcharges. 

The digital asset reforms seek to establish a comprehensive licensing framework for entities managing or holding digital assets, such as cryptocurrencies, while integrating these platforms into the Australian Financial Services (AFS) framework to ensure robust oversight. These measures are designed to enhance transparency and safeguard consumers and businesses against fraud.