An Australian Senate committee has backed a bill to integrate cryptocurrency platforms and custody providers as part of the country’s financial services.
The Senate Economic Legislation Committee said in a report released Monday that the Digital Assets Framework for Corporations Amendment Bill 2025 would modernize digital asset oversight with traditional market safeguards to protect consumers.
The framework aims to establish a licensing and compliance system for digital token managers by amending the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001.
The proposal targets companies that hold digital assets on behalf of their clients, subjecting them to existing financial services rules instead of attempting to regulate the underlying blockchain infrastructure. If the measure becomes law, businesses without AFSL would have six months to obtain the required authorization and comply with the new framework.
Crypto exchanges operating in Australia are already required to register with the country’s financial intelligence agency, the Australian Transaction Reports and Analysis Centre, as digital currency providers before offering exchange services.
