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Financial advisers across Australia are increasingly reluctant to recommend or formally advise on cryptocurrency, even as consumer uptake rises and Canberra advances licensing and global tax reporting rules for digital assets.
The Reserve Bank of Australia launched a new consultation and updated its retail CBDC work, pressing industry and stakeholders for views on how core settlement infrastructure should support tokenised assets and private digital money.
Australia’s temporary no action relief for some digital asset businesses ended as the country’s broader digital asset reforms and tighter AML supervision move forward, forcing firms to seek licences or change operations ahead of a new regulatory regime coming in 2027.
Bitcoin surged above $85,000 for the first time in roughly eight months as a wave of forced liquidations erased about $648 million in bearish crypto positions and accelerated the market's latest rebound.
Bitcoin climbed back above $80,000 on Friday as cryptocurrency markets rebounded sharply, with Solana and other major digital assets also rising despite uncertainty surrounding US crypto legislation and higher interest rates.
US spot Bitcoin and Ethereum ETFs recorded roughly $520 million in combined net outflows on September 16, while XRP and Solana products attracted fresh money, highlighting a widening split in institutional crypto positioning.