The Australian Treasury has revealed a new project to propose for cryptographic companies in the country, forcing them to hold licenses and to be treated as financial products.
The proposal would oblige cryptographic companies to have financial service licenses, effectively bringing them under the wing of the country’s securities regulator, Australian Securities and Investments Commission (ASIC).
Digital asset platforms (DAP) and police custody platforms (TCP) will fall under the same support as other financial intermediaries, and subject to consumer license and protection rules.
Daniel Mulino, assistant treasurer, revealed the bill on Thursday. Mulino explained that the plan is to bring the crypto according to the rules of existing financial services.
“The final legislation will introduce a new framework for digital asset companies in Australia.
The Treasury opened the consultation bill. The consultation window is open until October 24, 2025.
