Australia promotes infrastructure construction for tokenized asset markets

According to Decrypt, the Reserve Bank of Australia (RBA) announced that it will advance the construction of the legal and market infrastructure required for the tokenized asset market and coordinate with multiple regulatory agencies to support the large-scale operation of tokenized assets within the financial system. Brad Jones, assistant president of RBA, said that after the end of the ProjectAcacia research project, there is no doubt about the prospects of tokenization in the Australia financial system. The current core issue is how to implement it. RBA plans to work with regulators and industry to build a new digital market infrastructure sandbox to test tokenized assets, tokenized currencies and settlement systems in a longer-term environment to support commercialization rather than short-term pilot. At the same time, RBA is coordinating with the Australia Securities and Investments Commission (ASIC) and AUSTRAC to develop a unified framework on issues such as tokenized asset classification, settlement finality and platform licensing supervision. RBA estimates that if tokenized assets and funds are settled simultaneously, it will bring about A$24 billion (approximately US$16.6 billion) in economic benefits to Australia every year. Follow-up work will focus on the potential role of settlement infrastructure, tokenized bank deposits, stablecoins and wholesale central bank digital currencies.