An Australian Senate committee has recommended passing a crypto regulation bill requiring digital asset platforms to obtain a financial license to operate.
According to a report released on March 16, the Senate Economics Committee believes the Corporations Amendment (Digital Assets Framework) Bill 2025 will significantly improve the legal framework for digital assets in Australia and enhance user protection.
The bill is part of the Australian government’s broader effort to establish a comprehensive regulatory system for digital asset-related services.
Under the proposal, businesses operating digital asset trading platforms or token custody services will be regulated similarly to traditional financial service providers and must obtain an Australian Financial Services License (AFSL).
Instead of directly regulating blockchain technology, the bill focuses on intermediaries such as exchanges or custodians—organizations that hold customer assets or facilitate transactions, which regulators see as the primary sources of risk within the ecosystem.
Additionally, the bill provides legal definitions for concepts like “digital tokens,” clarifying how existing financial service laws apply to crypto platforms, and establishes regulations for asset custody, transaction enforcement, and disclosure obligations for individual investors.
The bill was introduced by the Australian Treasury in November 2025 and was passed in the House of Representatives on the third reading on February 4 before moving to the Senate for review.
Most industry voices support the goal of modernizing the legal framework and creating clearer regulations for the market. However, some have expressed concerns about the broad scope of definitions such as “digital tokens,” “ownership rights,” and “de facto control,” arguing they could impact infrastructure providers or unregistered service providers.
If approved, unlicensed businesses will have six months to comply with the new requirements.
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