Australia Advances New Crypto Regulatory Framework, Senate Committee Supports Digital Asset Licensing System

Gate News: On March 16, the Australian Senate Economics Legislation Committee released a report supporting the advancement of the “Corporations Amendment (Digital Asset Framework) Bill 2025.” The proposal aims to incorporate crypto asset platforms and custodial service providers into the national financial services system by establishing licensing and compliance regimes to strengthen consumer protection and modernize digital asset regulation.

According to the report, the new framework will revise the “Corporations Act 2001” and the “Australian Securities and Investments Commission Act 2001” to create a unified regulatory structure for digital asset service providers. The focus will mainly be on companies holding digital assets on behalf of clients, rather than directly regulating underlying blockchain technology, gradually integrating digital asset businesses into traditional financial regulatory rules.

If the bill is ultimately passed, digital asset companies without an Australian Financial Services License (AFSL) will have a six-month transition period to apply for the relevant license and adjust their business models to meet new compliance requirements. Policymakers believe this will help protect investors’ rights while providing a clearer regulatory environment for the industry.

Currently, crypto asset service platforms operating in Australia must register as digital currency service providers with the Australian Transaction Reports and Analysis Centre (AUSTRAC) before conducting related activities. Analysts suggest that if this new digital asset regulatory framework is successfully implemented, it could further position Australia as a key market for crypto asset regulation and compliance development in the Asia-Pacific region. (CoinDesk)