The Australian treasure revealed a new draft of the proposal for cryptographic companies in the country, which demanded that they have licenses and be treated as financial products.
The proposal would require that cryptographic companies have financial services licenses, which effectively carries them under the wing of the country’s securities regulator, the Australian Securities and Investment Commission (ASIC).
Digital Assets (DAP) platforms and tokenized custody platforms (TCP) will fall under the same group as other financial intermediaries, and subject to the same rules of license and consumer protection.
Daniel Mulino, assistant treasurer, revealed the bill on Thursday. Mulino explained that the plan is to bring crypto to the existing financial services rules.
“The final legislation will introduce a new framework for digital asset companies in Australia. It will extend the existing financial services laws but specifically,” Mulino said.
The Treasury has opened the bill for consultation. The consultation window is open until October 24, 2025.
