Australian Senate Committee Backs Digital Assets Framework Bill

Australia’s Senate Economics Legislation Committee has endorsed the Corporations Amendment (Digital Assets Framework) Bill 2025, bringing the country closer to a dedicated licensing framework for Digital Asset Platforms (DAPs) and Tokenised Custody Platforms (TCPs). This move aims to address regulatory gaps exposed by the failures of companies like FTX. The bill will classify DAPs and TCPs as financial products, requiring most centralized exchanges and custody businesses to obtain an Australian Financial Services Licence. While some exemptions exist for smaller providers and public blockchain infrastructure, licensed platforms must adhere to ASIC standards for custody, settlement, disclosure, and conduct. Industry groups have raised concerns about the breadth of the “digital token” and “factual control” definitions, potentially encompassing wallet software and MPC configurations, but the committee opted to refine the perimeter through future regulations. Coinbase welcomed the progress but cautioned against the ongoing issue of debanking. The bill now proceeds to the Senate for a final vote.

(Source：Cointelegraph)