Digital Assets in Financial Services

Digital assets – the next wave of finance

Cryptocurrencies, stablecoins and tokenised representations of real-world assets are reshaping how value is created, exchanged and managed. New capabilities are being unleashed by the digital assets ecosystem, changing how institutions raise capital, launch new products, lend money, advise clients and manage risk.

Understanding risk and regulation in Australia

Regulatory framework

• ASIC provides guidance on when digital assets are treated as financial products subject to licensing and conduct obligations.
• Two regulated product categories - digital asset platforms and tokenised custody platforms - bring more services under the AFSL regime.

Key considerations

• Platforms holding assets for others or offering products that fall within the financial product definition, must evaluate whether an AFSL or other authorisation is required.
• Consumer protections, including disclosure, fair conduct, and dispute resolution, are central pillars of Australia’s financial services law and extend to digital asset services.

How EY teams can help across the digital assets and crypto ecosystem

EY Australia helps financial services organisations to become licence-ready, design fit-for-purpose compliance frameworks and embed regulatory obligations into day-to-day operations. Our multi-disciplinary team spans strategy, legal, regulatory readiness, AFSL applications, platform rules and disclosures, ASIC standards implementation, and ongoing assurance, helping enable sustainable and scalable participation in the regulated digital assets market.

Our experience and knowledge - where it matters

For over a decade, our team has worked alongside some of the most innovative players in the blockchain and digital assets ecosystem, particularly in governance, risk and assurance services.

• We have assisted stablecoin operators with accounting advice, proof of reserves readiness and control design for end-to-end stablecoin operations
• Financial audits of the full spectrum of crypto and digital asset companies, including crypto-currency exchanges, web3 gaming and crypto funds
• Advised crypto and digital asset clients on complex tax matters, including emerging issues without clear guidance, tokenisation of assets, digital asset fund structuring and custody, staking arrangements, tax authority rulings and scalable cryptocurrency tax calculation approaches

Whether you are Australia-based or a foreign firm wishing to provide services in the Australian market, a TradFi or digital native, mature or just starting out, we have the connections and depth of knowledge to help ensure safe, responsible growth bringing while services to market.