Australian Senate committee backs crypto bill requiring platforms to get licensed

The Australian Senate Economics Legislation Committee has recommended the passage of the Corporations Amendment (Digital Assets Framework) Bill 2025, viewing it as a significant improvement for regulating digital assets and strengthening consumer safeguards. The legislation aims to establish a comprehensive regulatory framework by requiring businesses operating digital asset or tokenized custody platforms to obtain an Australian Financial Services Licence, treating them similarly to other financial service providers. The bill focuses on regulating intermediaries that handle customer assets or facilitate trading, rather than the underlying blockchain technology. It also seeks to define key terms like "digital token" and establish rules for custody, transaction execution, and disclosure. While industry feedback generally supported modernizing the framework, concerns were raised regarding the breadth of definitions like "digital token" and "possession," which the Treasury indicated might be addressed in subsequent regulations. If enacted, businesses without the necessary licenses would receive a six-month transition period.

(Source：The Block)