The Australian Senate Economics Legislation Committee has released a report recommending the advancement of the "Corporations Amendment Bill 2025 (Digital Assets Framework)," which aims to bring crypto platforms and token custody services under the country's financial services regulatory system. The bill proposes amendments to the Corporations Act and the ASIC Act, classifying digital asset platforms and tokenized custody services as financial products. It requires operators handling customer tokens to obtain an Australian Financial Services License (AFSL) and comply with asset protection and disclosure requirements. If passed, service providers without an AFSL will receive a 6-month transition period to complete compliance adjustments. (Decrypt)
The Australian Senate Economics Legislation Committee has released a report recommending the advancement of the "Corporations Amendment Bill 2025 (Digital Assets Framework)," which aims to bring crypto platforms and token custody services under the country's financial services regulatory system. The bill proposes amendments to the Corporations Act and the ASIC Act, classifying digital asset platforms and tokenized custody services as financial products. It requires operators handling customer tokens to obtain an Australian Financial Services License (AFSL) and comply with asset protection and disclosure requirements. If passed, service providers without an AFSL will receive a 6-month transition period to complete compliance adjustments. (Decrypt)