1. Focus on Wholesale CBDCs
2. Project Acacia: Researching Digital Money
3. New Licensing Rules for Crypto Firms

The Reserve Bank of Australia has announced its focus on developing wholesale central bank digital currencies (CBDCs) by launching a new project called Acacia. New licensing rules for crypto firms are also on the horizon, thanks to ASIC's efforts.

Focus on Wholesale CBDCs

The Reserve Bank of Australia recently announced it’s prioritizing the issuance of a wholesale central bank digital currency (CBDC), stating that a clear business case for the latter hasn’t yet emerged.

Project Acacia: Researching Digital Money

In addition, the bank pledged its commitment to a 3-year applied research program on the future of digital money in Australia, called Project Acacia.

New Licensing Rules for Crypto Firms

Australia’s securities watchdog, ASIC, is gearing up to introduce a new licensing regime for the nation’s crypto sector. This move aims to bring digital assets under the umbrella of Australia’s existing financial regulations, requiring companies operating in the crypto space to obtain licenses and comply with stricter standards.

Prioritizing wholesale CBDC development and launching Project Acacia highlights Australia's commitment to adapt to the future of the digital economy. ASIC's new licensing rules for crypto firms indicate a serious approach to investor protection and regulatory clarity.