Australian crypto firms back draft laws, but ‘critical questions’ remain

The Australian crypto industry has largely supported the government's draft legislation aimed at structuring the digital asset sector, as revealed during a Treasury consultation. However, industry leaders, including former BTC Markets CEO Caroline Bowler and exchange Swyftx, noted that the draft leaves "critical questions unanswered" regarding clarity and structure. The proposed law would introduce "digital asset platform" and "tokenized custody platform" categories under the Corporations Act, requiring Australian Financial Services Licenses. Concerns raised include the high degree of discretion granted to the Treasury and regulators, the need for clearer guidance on ASIC's powers, and ambiguity over how local platforms can legally source offshore liquidity. Furthermore, firms questioned contradictions, such as how a platform trading non-financial products can be treated as a financial market, and the lack of clarity on consumer benefits for new licensing requirements. While some anticipate legislation by early 2026, others suggest it might take until the end of 2026 due to the necessary work translating feedback into a final bill.

(Source：Cointelegraph)