The Australian government announced an ambitious full-of-government method to regulate and integrate digital assets into the broader economy, inspired by work performed in the European Union (EU) and Singapore.

In a White Paper published by the Australian Treasury, the country’s government says it will embrace tokenization, real -world assets (RWAs) and Central Bank Digital Currencies (CBDCs) as part of a wider push to modernize its financial system.

While excluding a retail CBDC for now, the government sees a wholesale CBDC version and tokenized settlement infrastructure as the key to locking the market’s efficiency and wider asset access.

The government says the Australian Treasury, Australian Securities and Investment Commission as well as Reserve Bank of Australia plan to launch pilot trials using tokenized money, including stableecoins, to run transactions in wholesale tokenized markets.

“Markets for tokenized assets may be able to increase automation, reduce the risk of settlement, reduce the dependence on more financial intermediaries, simplify trading processes, reduce transaction costs and provide wider access to traditional illiquid assets,” the report reads.

The White Paper also presents a license structure for crypto exchanges, which will be known in Australia as digital active platforms (DAPS).

DAPs operators need to fulfill obligations to financial services, such as capital adequacy and information requirements, while using third -party custodians to store customer assets.

The government is also planning to tackle the industry’s concerns about at-banking through its DAP licensing regime, it said in the White Book to allow banking partners to better participate in risk management.

This Anti-Debanking efforts in Australia follows continued US hearings on the subject, where Senator Tim Scott’s company law tries to prevent regulators from using “reputation risk” to block cryptic companies from accessing bank rails.