{"id":7534,"date":"2026-03-17T05:10:36","date_gmt":"2026-03-17T05:10:36","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=7534"},"modified":"2026-03-17T05:10:36","modified_gmt":"2026-03-17T05:10:36","slug":"australian-senate-panel-backs-bill-to-bring-crypto-platforms-under-financial-services-rules","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=7534","title":{"rendered":"Australian Senate Panel Backs Bill to Bring Crypto Platforms Under Financial Services Rules"},"content":{"rendered":"

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  • An Australian Senate committee has endorsed legislation to integrate cryptocurrency exchanges and custody providers into existing financial services laws.\u00a0<\/span><\/li>\n
  • The Digital Assets Framework bill will require exchanges to obtain an AFSL within six months of its commencement and introduces new compliance requirements.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    Local crypto regulation moved a step closer this week as an Australian Senate Committee published a report on March 16 recommending its colleagues pass the Digital Assets Framework Bill into law. The bill will now move to the Senate for debate and a final vote later this year.<\/p>\n

    In endorsing the Corporations Amendment (Digital Assets Framework) Bill 2025, the Senate Economics Legislation Committee said it would make a \u201csubstantial improvement to the regulation of digital assets, including more robust safeguards for Australian consumers.\u201d<\/p>\n

    The Committee noted that while industry consultation had helped to shape legislation with good support, a number of potential issues had been raised \u2014 including the need to clarify how key concepts would actually be applied in practice.\u00a0<\/p>\n

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    The committee encourages the Australian Government to consider what additional guidance should be provided to industry on how the Digital Assets Framework would work in practice.<\/em><\/p>\n<\/div>\n

    \n Senate Economics Legislation Committee <\/p>\n<\/div>\n

    The bill establishes definitions for exchanges and custody platforms, known as Digital Asset Platforms (DAP) and Tokenised custody platforms (TCP), brings their operation under financial services laws, and gives ASIC and the Minister new powers to regulate them.<\/p>\n

    Related: OKX Says Australia Could Unlock $24B Digital Finance Boom With Faster Crypto Rules<\/strong><\/p>\n

    FinTech Australia, which made a submission in support of the Bill\u2019s passage, called the Committee\u2019s endorsement \u201ca significant milestone for Australia\u2019s digital asset sector.\u201d\u00a0<\/p>\n

    In its submission to the Senate, FinTech Australia said that efforts to provide clarity for the sector under existing law \u2014 such as ASIC\u2019s Information Sheet 225 guidance \u2014 was developed in good faith but had \u201chighlighted the limits of applying legacy frameworks to emerging technologies.\u201d<\/p>\n

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    Progressing the Bill will provide a clearer and more durable regulatory foundation.<\/em><\/p>\n<\/div>\n

    \n FinTech Australia <\/div>\n<\/div>\n

    FinTech Australia said that consultation with its members had shown \u201cno appetite to delay passage of the Bill in pursuit of substantive amendments,\u201d and instead, a desire to ensure the new framework was well implemented.\u00a0<\/p>\n

    Bill\u2019s Progress Ramps Up Exchanges\u2019 Licensing Obligations<\/h2>\n

    Crypto firms operating in Australia are currently required to register as digital currency exchanges with AUSTRAC (Australian Transaction Reports and Analysis Centre) and comply with requirements designed to reduce the risk of money laundering and terrorism\/crime financing.<\/p>\n

    Passing of the Digital Assets Framework Bill would require exchanges and custody platforms to hold an Australian Financial Services Licence (AFSL), with unique controls such as \u201cminimum standards for asset holding and disclosure obligations tailored to reflect their structure and risk profile.\u201d The bill includes a six month transition period for platforms to secure an AFSL licence.<\/p>\n

    Related:Australia\u2019s SMSFs Embrace Crypto as Regulation and ETFs Fuel New Wave of Adoption<\/strong><\/p>\n

    Potential duplication of licensing and the financial burden of obtaining and maintaining compliance under an AFSL have been key points of contention for the crypto industry in discussions around the proposed legislation.<\/p>\n

    Brisbane-based exchange Swyftx told the Senate Committee that the Bill \u201crelies heavily on historical AFSL concepts that do not map cleanly to digital assets.\u201d Swyftx said that could potentially create \u201cstructural frictions\u201d between exchanges and the AFSL regime and risks \u201ctechnical breaches by licensees unless ASIC provides specific pragmatic relief.\u201d<\/p>\n<\/p><\/div>\n

    Australia,Cryptocurrency Law#Australian #Senate #Panel #Backs #Bill #Bring #Crypto #Platforms #Financial #Services #Rules1773724236<\/p>\n","protected":false},"excerpt":{"rendered":"

    An Australian Senate committee has endorsed legislation to integrate cryptocurrency exchanges and custody providers into existing financial services laws.\u00a0 The Digital Assets Framework bill will require exchanges to obtain an AFSL within six months of its commencement and introduces new compliance requirements. Local crypto regulation moved a step closer this week as an Australian Senate<\/p>\n","protected":false},"author":1,"featured_media":7535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[141,181,749,819,62,262,3352,870,390,78,2893],"class_list":{"0":"post-7534","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"tag-australian","9":"tag-backs","10":"tag-bill","11":"tag-bring","12":"tag-crypto","13":"tag-financial","14":"tag-panel","15":"tag-platforms","16":"tag-rules","17":"tag-senate","18":"tag-services"},"yoast_head":"\nAustralian Senate Panel Backs Bill to Bring Crypto Platforms Under Financial Services Rules - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=7534\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australian Senate Panel Backs Bill to Bring Crypto Platforms Under Financial Services Rules\" \/>\n<meta property=\"og:description\" content=\"An Australian Senate committee has endorsed legislation to integrate cryptocurrency exchanges and custody providers into existing financial services laws.\u00a0 The Digital Assets Framework bill will require exchanges to obtain an AFSL within six months of its commencement and introduces new compliance requirements. 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