Australia's RBA Moves Toward Tokenized Asset Markets With New Regulatory Framework

Australia's central bank is taking concrete steps to build the legal and market infrastructure needed to support tokenized asset markets at scale. Reserve Bank of Australia (RBA) Assistant Governor Brad Jones confirmed in a recent speech that the question is no longer whether tokenization has a future in Australia's financial system, but how it will be implemented — a shift in thinking that follows the conclusion of the bank's Project Acacia research program.

The RBA announced plans to collaborate with regulators and industry on a new digital market infrastructure sandbox, designed to test tokenized assets, tokenized money, and settlement systems in a longer-term commercialization-focused environment rather than short-lived pilots. The central bank is also coordinating with other agencies on legal and regulatory frameworks, covering how tokenized assets are classified, how settlement finality is determined, and how new platforms will be licensed and supervised.

This push aligns with broader legislative momentum, as Australian lawmakers work to bring crypto platforms and tokenized custody services under the country's financial-services regime, requiring firms that hold client tokens to obtain licenses and meet asset-safeguarding standards.

Industry insiders say regulatory coordination is the critical step needed to move tokenized assets from experimentation into live markets. Paul Stonham, Chief Commercial Officer at BTC Markets and a Project Acacia advisory group member, called the initiative "a turning point," noting that the RBA's shift toward a stage-gated sandbox reflects genuine institutional commitment rather than continued study.

Stonham added that collaboration between the RBA, the Australian Securities and Investments Commission, and AUSTRAC is already helping reduce the legal uncertainty that has long limited institutional participation in digital asset markets.

The RBA estimates that tokenization could deliver approximately AUD $24 billion in annual economic benefits by improving efficiency and reducing settlement risk in wholesale markets. Further work will focus on tokenized bank deposits, stablecoins, and the potential introduction of a wholesale central bank digital currency.