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Australian Senate Committee Backs Bill to Regulate Crypto Platforms and Custody Services

Australian Senate Committee Backs Bill to Regulate Crypto Platforms and Custody Services

Australia’s Senate Economics Legislation Committee is considering legislation that would bring crypto exchanges and tokenization platforms under the existing financial services regime through AFSL-based oversight.

Fact Check
The claim is directly supported by a detailed report from CoinDesk and corroborated by official Australian Parliament tracking data. The Senate Economics Legislation Committee did indeed recommend the passage of the Digital Assets Framework Bill 2025 on the specified date, including the AFSL requirement.
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Summary

Australia’s Senate Economics Legislation Committee is considering the Digital Assets Framework Bill 2025, which would require crypto exchanges and tokenization platforms to operate under the country’s existing financial services regime. If enacted, affected firms would need to obtain an Australian Financial Services Licence, extending regulatory oversight to digital asset service providers within the current framework. The bill is aimed at applying financial services rules to platform operators and related services rather than to blockchain infrastructure itself.

Terms & Concepts
  • Australian Financial Services Licence: A license required for businesses providing financial services in Australia under the country’s existing regulatory framework.
  • tokenization platforms: Platforms that convert assets or rights into digital tokens that can be issued, managed, or transferred on blockchain-based systems.
  • Digital Assets Framework Bill 2025: A proposed Australian law that would place crypto platforms and related services under licensing and compliance requirements within the financial services regime.