Australia passes bill requiring financial licenses for crypto platforms
Australia's new legislation mandates financial licenses for crypto platforms, marking a significant step in regulating the crypto industry.Summary
Australia has passed the "Corporations Amendment (Digital Assets Framework) Bill 2025," requiring crypto platforms to obtain financial services licenses. This legislation brings crypto service providers, including digital asset and tokenized custody platforms, under the existing financial services licensing regime. The bill emphasizes that crypto platforms must operate efficiently, honestly, and fairly, with clear disclosures regarding customer asset storage and robust risk controls. Industry leaders, such as Kate Cooper of OKX Australia and John O'Loghlen of Coinbase, have hailed the bill's passage as a crucial milestone, establishing a clear regulatory foundation for digital assets. While acknowledging the progress, advocates also highlight the need to address ongoing issues like debanking and to develop broader reforms, particularly for stablecoins.
(Source：The Block)