The Australian government has announced a new regulatory framework for cryptocurrencies, with draft legislation expected to be introduced in 2025. This initiative aims to address debanking issues faced by cryptocurrency businesses with major banks and is part of a broader effort to position Australia as a global leader in the digital asset industry. The regulations will apply to major digital asset exchanges and custodians, while smaller projects will be excluded. The government intends to collaborate with banks to resolve these debanking challenges, aiming to enhance consumer protection and spur innovation within the sector. The Treasury has also published a statement outlining its goals to develop an innovative Australian digital asset industry, focusing on providing clarity and security for crypto traders.