The Australian government has appointed Andrew Charlton as Assistant Minister for Science, Technology, and the Digital Economy, alongside his role as Cabinet Secretary. This move comes as the country prepares to implement significant crypto regulation reforms.
Appointment Details
Prime Minister Anthony Albanese announced Charlton’s appointment on Monday, highlighting his economic credentials and international experience as key qualifications for the dual role. Albanese stated that Charlton will work closely with Minister for Science, Technology, and the Digital Economy Tim Ayres on new technology, AI, and their impact on the economy and nature of work.
Industry Reactions
Caroline Bowler, CEO of crypto exchange BTC Markets, welcomed the appointment, calling it “a clear commitment to collaboration and effective policy delivery.” Bowler added that Charlton understands the digital economy is “established and rapidly expanding” and expressed confidence in his ability to support “resilient, future-ready digital infrastructure.”
Regulatory Reforms
Charlton’s appointment follows the Australian government’s broader push to regulate the digital asset industry. In March, as Special Envoy for Cyber Security and Digital Resilience, Charlton co-released a joint statement with Assistant Treasurer Stephen Jones outlining steps toward a licensing regime for crypto platforms. The proposed reforms aim to align Australia with global standards, such as the EU’s MiCA and Singapore’s Payment Services Act.
Key Proposals
Under the proposed rules, major crypto firms will need to obtain an Australian Financial Services Licence, while smaller firms or those not offering financial services would be exempt. The Treasury’s paper also addressed concerns over “debanking,” where financial institutions restrict services to crypto firms. Officials have begun consultations with major banks to address this issue, with the new rules expected to provide greater clarity and risk management across the sector.
Timeline
Draft legislation is expected later this year, and the Australian Securities and Investments Commission is set to update its digital asset guidance. Industry experts believe Charlton’s specific support for digital assets and recognition of blockchain technology’s transformative potential will help Australia keep pace with the rapidly evolving global regulatory landscape.
