Gate News reports that on March 16, the Australian Senate Economics Legislation Committee released a report supporting legislative proposals to include cryptocurrency platforms and custodial services within the country’s financial services framework. The bill will amend the Corporations Act and ASIC Act to establish licensing and compliance systems for businesses that hold or manage digital tokens on behalf of clients. Under the framework, digital asset platforms and tokenized custody service providers typically need to hold an Australian Financial Services License (AFSL), comply with asset protection standards, and meet disclosure requirements when serving retail clients. The bill aims to fill regulatory gaps by ensuring that intermediaries holding clients’ digital assets are governed by existing financial services laws, rather than regulating blockchain technology itself. If passed, a six-month transition period will be provided for providers who do not yet hold an AFSL.
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