澳大利亚的数字资产革命：解读 2025 年框架法案

深入研究澳大利亚突破性的《2025 年数字资产框架法案》。了解它将如何重新定义加密货币监管、许可和数字金融的未来。

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.

澳大利亚正在采取行动，成为数字资产领域的主要参与者。关键？ 2025 年数字资产框架法案。该立法旨在为数字资产和平台创建统一且全面的方法，为更加规范和透明的加密行业奠定基础。让我们来分析一下这项法案对每个人意味着什么。

Understanding the Digital Assets Framework Bill 2025

了解 2025 年数字资产框架法案

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 年数字资产框架法案》改变了游戏规则。上周三，财政部向众议院提交了该法案，其中对现有《公司法》和 ASIC 法案中的“数字代币”、“数字资产平台”和“代币化托管平台”等术语进行了明确定义。这种明确性对于建立坚实的监管基础至关重要。

Key Definitions and Regulations

主要定义和规定

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.

该法案将数字令牌定义为由一个或多个人控制的电子记录，这些人可以转让该记录并将其他人排除在控制之外。该定义侧重于事实控制，不包括传统的银行账户记录。监管主要针对两种类型的基础设施：数字资产平台和代币化托管平台。

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.

这些平台被归类为金融产品，除非它们属于管理投资计划制度。该部长有权将特定平台归类为金融市场或清算和结算设施，或根据其对金融体系和竞争的影响将其排除在外。

Licensing and ASIC Standards

许可和 ASIC 标准

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.

数字资产平台和代币化托管平台的运营商必须获得并持有澳大利亚金融服务许可证（AFSL）。这些提供商必须遵守 ASIC 的资产持有、交易和结算标准。该法案还要求平台规则正式化，包括客户准入标准、交易方式和资产存入/赎回程序。这些规则是运营商和每个客户之间的契约，如果发生冲突，以监管标准为准。

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.

对于零售客户，该法案引入了 DAP/TCP 指南，在授予平台访问权限之前必须提供该指南。本指南需要清晰、简洁、有效，帮助投资者了解平台的性质、风险和费用结构。它还概述了平台上的客户权利与基础资产直接持有人的权利之间的差异。

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.

还涉及基础资产的治理权。运营商必须为每个平台制定投票政策，详细说明投票权、客户指令和费用结构。如果客户不能发出指示，经营者不得自行行使该权利。客户可以索取有关标的资产的具有法律约束力的通信副本。

Wrapped Tokens and Custodial Staking

打包代币和托管质押

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.

该法案包括针对包装代币的条款，规定如果包装代币持有者的权利相当于直接所有权，则在某些情况下应忽略标的资产的赎回权。公共数字代币基础设施被定义为一种开放的、可公开访问的协议，没有不可替代的参与者。

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.

托管质押安排也包括在内。这些协议是平台运营商在征得受益人同意的情况下使用受益人的资产进行共识活动，扣除费用后转移奖励。该部分已从管理投资计划制度中删除，并部分从金融产品的定义中删除。

The Bigger Picture

更大的图景

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 年数字资产框架法案》是一项经过深思熟虑的举措，全面对待加密货币行业。它涵盖了集中式加密货币交易所、托管人、代币化所有权平台和托管质押，并通过定义、AFSL 义务、ASIC 标准和披露要求将其纳入澳大利亚金融法。

Personal Take

个人看法

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.

尽管该法案看起来很有希望，但其最终成功将取决于其所进行的修订以及如何实施。一个潜在的担忧领域可能是 DeFi 领域的小型参与者将如何适应日益增加的监管负担。它会扼杀创新，还是会创造一个更安全、更值得信赖的环境来鼓励更广泛的采用？只有时间才能证明一切。

Looking Ahead

展望未来

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!

澳大利亚《2025 年数字资产框架法案》是朝着数字资产领域合法化和监管迈出的大胆一步。这就像为加密货币的狂野西部提供了一名治安官和一本规则手册。它会驯服边境吗？我们密切关注！