Andrew Charlton will assume the role of Cabinet Secretary, focusing on AI, technology, and the digital economy. This appointment comes as Australia gears up for major reforms in cryptocurrency regulations, with draft legislation anticipated later this year.
Australia has announced the appointment of Andrew Charlton as Assistant Minister for Science, Technology, and the Digital Economy, in addition to his new role as Cabinet Secretary. This move is part of the government’s strategy to establish its regulatory framework for digital assets and revamp the technology sector.
Prime Minister Anthony Albanese made the announcement on Monday, stating that Charlton’s strong economic background and international experience make him “exceptionally qualified” for these dual responsibilities.
“His role will specifically involve collaborating with [Minister for Science, Technology and the Digital Economy] Tim Ayres in the industry sector, focusing on new technologies, AI, and their implications for the evolving job market and economy,” Albanese told reporters in Canberra.
Caroline Bowler, CEO of crypto exchange BTC Markets, characterized the appointment as “a clear commitment to collaboration and effective policy delivery.”
“Charlton recognizes that the digital economy is already in place and growing rapidly,” Bowler told Decrypt in a statement. “We are optimistic that he will advocate for resilient, future-ready digital infrastructure.”
Charlton’s appointment aligns with a broader initiative by the newly reelected Australian government to regulate the digital asset space.
In March, while serving as Special Envoy for Cyber Security and Digital Resilience, Charlton co-authored a joint statement with Assistant Treasurer Stephen Jones detailing the next steps towards establishing a licensing framework for cryptocurrency platforms.
These reforms aim to align Australia with international standards, such as the EU’s MiCA regulations and Singapore’s Payment Services Act.
Charlton’s advocacy for digital assets and his acknowledgment of the transformative potential of blockchain technology, alongside the urgency for effective regulation, will aid Australia in staying competitive within the rapidly evolving global regulatory sphere, according to Sydney-based digital asset firm MHC Digital Group, in a statement to Decrypt.
Under the proposed regulations, larger crypto firms will be required to secure an Australian Financial Services Licence, while smaller entities or those not providing financial services will be exempt.
The Treasury’s report also highlighted issues related to debanking, where financial institutions limit services to cryptocurrency businesses.
Officials have started discussions with major banks on this matter, with the hope that the new regulations will enhance clarity and risk management throughout the industry.
Draft legislation is anticipated later this year, and the Australian Securities and Investments Commission is also poised to update its guidance on digital assets.
Edited by Sebastian Sinclair
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