Is Crypto Legal In Australia?

Cryptocurrency is legal in Australia, with individuals and businesses free to buy, sell, trade, and store digital assets throughout the country. However, cryptocurrencies are not recognized as legal tender, meaning Australian businesses are not obligated to accept them as payment (1). The regulatory landscape operates through existing financial legislation rather than dedicated cryptocurrency-specific laws, with oversight primarily conducted by the Australian Securities and Investments Commission, the Australian Transaction Reports and Analysis Centre, and the Australian Taxation Office.

Digital currency exchange providers operating in Australia must register and enrol with AUSTRAC under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. These providers exchange money for digital currency or digital currency for money and must comply with comprehensive obligations including customer identification procedures, ongoing monitoring requirements, and reporting suspicious and large transactions (2). The regulatory framework ensures operators meet anti-money laundering standards while maintaining records relating to customer identification and transactions for up to seven years.

"Australian laws and regulations that prohibit misleading or deceptive conduct may apply even if an interest in a crypto-asset or an ICO is issued, traded or sold offshore."

The Corporations Act 2001 governs crypto-assets classified as financial products, requiring entities to obtain Australian Financial Services Licenses when dealing with such assets (1). ASIC enforces these regulations on a case-by-case basis, determining whether specific crypto-assets qualify as financial products such as managed investment schemes, securities, derivatives, or non-cash payment facilities. Recent legislative amendments through the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 have expanded regulation beyond exchanges between virtual assets and fiat currencies to include additional designated services aligned with Financial Action Task Force recommendations.

Source:
https://www.asic.gov.au/regulatory-resources/digital-transformation/crypto-assets/
https://www.austrac.gov.au/business/your-industry/digital-currency-cryptocurrency

Last updated: 18-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.