澳大利亞的數字資產革命：解讀 2025 年框架法案

深入研究澳大利亞突破性的《2025 年數字資產框架法案》。了解它將如何重新定義加密貨幣監管、許可和數字金融的未來。

Australia is making moves to become a major player in the digital asset space. The key? The Digital Assets Framework Bill 2025. This legislation aims to create a unified and comprehensive approach to digital assets and platforms, setting the stage for a more regulated and transparent crypto industry. Let's break down what this bill means for everyone.

澳大利亞正在採取行動，成為數字資產領域的主要參與者。關鍵？ 2025 年數字資產框架法案。該立法旨在為數字資產和平台創建統一且全面的方法，為更加規範和透明的加密行業奠定基礎。讓我們來分析一下這項法案對每個人意味著什麼。

Understanding the Digital Assets Framework Bill 2025

了解 2025 年數字資產框架法案

The Digital Assets Framework Bill 2025 is a game-changer. Tabled before the House of Representatives this past Wednesday by the Treasury, it introduces clear definitions for terms like 'digital token,' 'digital asset platform,' and 'tokenised custody platform' within the existing Corporations Act and ASIC Act. This clarity is crucial for establishing a solid regulatory foundation.

《2025 年數字資產框架法案》改變了遊戲規則。上週三，財政部向眾議院提交了該法案，其中對現有《公司法》和 ASIC 法案中的“數字代幣”、“數字資產平台”和“代幣化託管平台”等術語進行了明確定義。這種明確性對於建立堅實的監管基礎至關重要。

Key Definitions and Regulations

主要定義和規定

The bill defines a digital token as an electronic record controlled by one or more persons who can transfer it and exclude others from control. This definition focuses on factual control, excluding traditional bank account records. Two main types of infrastructure are targeted for regulation: digital asset platforms and tokenised custody platforms.

該法案將數字令牌定義為由一個或多個人控制的電子記錄，這些人可以轉讓該記錄並將其他人排除在控制之外。該定義側重於事實控制，不包括傳統的銀行賬戶記錄。監管主要針對兩種類型的基礎設施：數字資產平台和代幣化託管平台。

These platforms are classified as financial products unless they fall under the managed investment scheme regime. The minister has the power to classify specific platforms as financial markets or clearing and settlement facilities, or to exclude them based on their impact on the financial system and competition.

這些平台被歸類為金融產品，除非它們屬於管理投資計劃制度。該部長有權將特定平台歸類為金融市場或清算和結算設施，或根據其對金融體系和競爭的影響將其排除在外。

Licensing and ASIC Standards

許可和 ASIC 標準

Operators of digital asset platforms and tokenised custody platforms must obtain and maintain an Australian Financial Services Licence (AFSL). These providers must adhere to ASIC standards for asset holding, transactions, and settlements. The bill also mandates the formalization of platform rules, covering client admission criteria, transaction methods, and asset deposit/redemption procedures. These rules act as a deed between the operator and each client, with regulatory standards taking precedence in case of conflicts.

數字資產平台和代幣化託管平台的運營商必須獲得併持有澳大利亞金融服務許可證（AFSL）。這些提供商必須遵守 ASIC 的資產持有、交易和結算標準。該法案還要求平台規則正式化，包括客戶准入標準、交易方式和資產存入/贖回程序。這些規則是運營商和每個客戶之間的契約，如果發生衝突，以監管標準為準。

Disclosure and Governance

披露和治理

For retail clients, the bill introduces the DAP/TCP Guide, which must be provided before granting access to a platform. This guide needs to be clear, concise, and effective, helping investors understand the platform's nature, risks, and fee structures. It also outlines the differences between client rights on the platform and the rights of a direct holder of the underlying asset.

對於零售客戶，該法案引入了 DAP/TCP 指南，在授予平台訪問權限之前必須提供該指南。本指南需要清晰、簡潔、有效，幫助投資者了解平台的性質、風險和費用結構。它還概述了平台上的客戶權利與基礎資產直接持有人的權利之間的差異。

Governance rights over underlying assets are also addressed. Operators must create a voting policy for each platform, detailing voting rights, client instructions, and fee structures. If a client cannot give instructions, the operator is prohibited from exercising those rights on their own. Clients can request copies of legally binding communications regarding the underlying assets.

還涉及基礎資產的治理權。運營商必須為每個平台製定投票政策，詳細說明投票權、客戶指令和費用結構。如果客戶不能發出指示，經營者不得自行行使該權利。客戶可以索取有關標的資產的具有法律約束力的通信副本。

Wrapped Tokens and Custodial Staking

打包代幣和託管質押

The bill includes provisions for wrapped tokens, stipulating that the redemption right to the underlying asset should be ignored in certain cases if the wrapped token holder's rights are equivalent to direct ownership. Public digital token infrastructure is defined as an open, publicly accessible protocol without a critically irreplaceable participant.

該法案包括針對包裝代幣的條款，規定如果包裝代幣持有者的權利相當於直接所有權，則在某些情況下應忽略標的資產的贖回權。公共數字代幣基礎設施被定義為一種開放的、可公開訪問的協議，沒有不可替代的參與者。

Custodial staking arrangements are also covered. These are agreements where a platform operator uses a beneficiary's assets in consensus activities with their consent, transferring the reward after deducting fees. This segment is removed from the managed investment scheme regime and partially from the definition of a financial product.

託管質押安排也包括在內。這些協議是平台運營商在徵得受益人同意的情況下使用受益人的資產進行共識活動，扣除費用後轉移獎勵。該部分已從管理投資計劃制度中刪除，並部分從金融產品的定義中刪除。

The Bigger Picture

更大的圖景

The Digital Assets Framework Bill 2025 is a well-considered initiative that treats the crypto industry holistically. It covers centralized crypto exchanges, custodians, tokenized ownership platforms, and custodial staking, integrating them into Australian financial law through definitions, AFSL obligations, ASIC standards, and disclosure requirements.

《2025 年數字資產框架法案》是一項經過深思熟慮的舉措，全面對待加密貨幣行業。它涵蓋了集中式加密貨幣交易所、託管人、代幣化所有權平台和託管質押，並通過定義、AFSL 義務、ASIC 標準和披露要求將其納入澳大利亞金融法。

Personal Take

個人看法

While the bill appears promising, its ultimate success will depend on the amendments it undergoes and how it is implemented. One potential area of concern might be how smaller players in the DeFi space will adapt to the increased regulatory burden. Will it stifle innovation, or will it create a more secure and trustworthy environment that encourages broader adoption? Only time will tell.

儘管該法案看起來很有希望，但其最終成功將取決於其所進行的修訂以及如何實施。一個潛在的擔憂領域可能是 DeFi 領域的小型參與者將如何適應日益增加的監管負擔。它會扼殺創新，還是會創造一個更安全、更值得信賴的環境來鼓勵更廣泛的採用？只有時間才能證明一切。

Looking Ahead

展望未來

Australia's Digital Assets Framework Bill 2025 is a bold step toward legitimizing and regulating the digital asset space. It's like giving the Wild West of crypto a sheriff and a rulebook. Will it tame the frontier? We're watching closely!

澳大利亞《2025 年數字資產框架法案》是朝著數字資產領域合法化和監管邁出的大膽一步。這就像為加密貨幣的狂野西部提供了一名治安官和一本規則手冊。它會馴服邊境嗎？我們密切關注！