Australia releases draft legislation for digital asset regulation, requiring crypto platforms to obtain financial licenses

ChainCatcher news, according to market news, Australian Assistant Treasurer Daniel Mulino announced on Wednesday that the government has released a draft of the regulatory bill for digital asset platforms. The bill extends the Financial Services Act to cryptocurrency businesses, requiring major crypto platforms to obtain an Australian Financial Services License (AFSL).

Licensed entities will need to manage conflicts of interest, provide dispute resolution systems, and meet minimum custody and settlement standards. The bill also establishes rules for emerging areas such as tokenized custody platforms, public token infrastructure, and staking to adapt to industry developments. Small businesses and non-financial service-related businesses may be exempt.