Australia Appoints Andrew Charlton to Regulate Digital Assets

Australia has appointed Andrew Charlton as the Assistant Minister for Science, Technology, and the Digital Economy, alongside his new role as Cabinet Secretary. This move comes as the government intensifies its efforts to regulate digital assets and modernize the tech sector. Prime Minister Anthony Albanese highlighted Charlton's economic credentials and international experience, stating that these qualifications make him "exceptionally qualified" for the dual role. Albanese emphasized that Charlton's policy role will involve working closely with Minister for Science, Technology and the Digital Economy Tim Ayres on new technologies, AI, and their impact on the nature of work and the economy.

Caroline Bowler, CEO of a crypto exchange, welcomed the appointment, describing it as "a clear commitment to collaboration and effective policy delivery." Bowler expressed confidence that Charlton understands the digital economy's established and rapidly expanding nature, and that he will support resilient, future-ready digital infrastructure.

Charlton's appointment follows a broader push by the newly reelected Australian government 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 the next steps toward a licensing regime for crypto platforms. The reforms aim to align Australia with global standards, such as those set by the EU and Singapore.

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 flagged concerns over debanking, where financial institutions restrict services to crypto firms. Officials have begun consultations with major banks to address the issue, hoping the new rules will provide greater clarity and risk management across the sector. Draft legislation is expected later this year, and the Australian Securities and Investments Commission is also set to update its digital asset guidance.