CMC News

#Australia Introduces Bill Requiring #Crypto Platforms To Hold Financial Licenses

Assistant Treasurer Daniel Mulino presented the Corporations Amendment (Digital Assets Framework) Bill 2025 to the House on Wednesday. The #legislation would require crypto exchanges and custody providers to obtain an Australian Financial Services License, subjecting them to the same laws as traditional financial institutions.

Mulino told the House that digital assets are reshaping finance globally and Australia must keep pace. The government aims to attract investment, create jobs, and position the financial system as a leader in innovation by getting the regulatory framework right.

The Treasury launched a consultation on the draft bill in September, which Mulino described as the cornerstone of the Albanese government's crypto roadmap released in March. The local crypto industry largely backed the draft #legislation but requested further clarity and simplification during the consultation process.

Companies can currently hold unlimited amounts of client crypto without financial law safeguards. Mulino stated that the risks of scams or frauds similar to FTX cannot be ignored, prompting this regulatory response to reduce loopholes.