An Australian Senate committee has recommended that the country move forward with laws to create a c

Australia Moves to Regulate Crypto Platforms and Custodians Under Financial Services Law

Australia is tightening its crypto rules. A Senate committee has backed a bill that would bring crypto platforms and custody services into the country's financial services regime. The proposal amends the Corporations Act and ASIC Act to create a licensing and compliance framework for businesses holding or managing digital assets for clients.

Under the new rules, digital asset platforms and tokenized custody operators would generally need an Australian Financial Services License (AFSL), comply with asset protection standards, and meet disclosure rules for retail clients. The goal is to close a regulatory gap—bringing intermediaries holding customer funds under existing financial law, not regulating the tech itself. If passed, providers without an AFSL get a six-month runway.