Australia is moving toward full-scale tokenised asset markets as the Reserve Bank of Australia shifts from research to implementation following its Project Acacia program.
The central bank said tokenisation is now a question of “how, not if,” as it begins coordinating with regulators to build legal and market infrastructure.
“Project Acacia represents a turning point,”
Said BTC Markets chief commercial officer, Paul Stonham.
The RBA is working with ASIC and AUSTRAC to develop frameworks covering asset classification, settlement systems and platform licensing for tokenised markets.
A new long-term sandbox will allow testing of tokenised assets, tokenised money and settlement mechanisms in a commercial environment rather than short-term pilots.
Industry participants say regulatory coordination is key to unlocking institutional participation, with licensed exchanges expected to play a central role in market structure.
The RBA estimates tokenisation could deliver economic benefits of up to $24 billion annually, as it explores applications including stablecoins, tokenised deposits and wholesale CBDCs.