‘Big opportunities’: Labor says crypto assets can boost the economy

Treasurer Jim Chalmers has unveiled a plan aimed at promoting innovation in the country’s cryptocurrency sector, saying the fast-changing world of digital assets could have wider benefits for the economy.
The federal government on Thursday night launched a framework it said would provide the next steps in developing Australia’s digital asset industry as it seeks to strike a balance between backing innovation in the sector while protecting consumers.
Cryptocurrencies, a type of digital asset, have enjoyed a resurgence under US President Donald Trump, who has vowed to take a more crypto-friendly approach, including creating a national digital assets strategic reserve for the US. But the asset class remains polarising, with many regulators sceptical about the crypto sector due to its problems with scams and high volatility.
A statement from Chalmers, Assistant Treasurer Stephen Jones and special envoy for cybersecurity and digital resilience Andrew Charlton, released on Thursday evening, said the government was intent on providing “clarity and certainty” to the digital asset sector.