New licensing rules for crypto platforms in Australia

Australia is advancing plans to regulate digital asset platforms under its financial services framework. The Senate committee recommended passing the Digital Assets Framework Bill 2025, bringing Australia closer to licensing crypto exchanges and tokenisation platforms.

Industry groups have raised concerns about definitions such as ‘digital token’ and ‘factual control.’ Broad wording could inadvertently cover infrastructure providers, including multi-party wallet systems, potentially classifying them as financial service operators.

Ripple Labs emphasised the need for precise language to avoid unintended regulation.

The committee supported the Treasury’s approach while planning to refine technical details through future regulations. Coinbase welcomed the progress but noted ongoing banking challenges for crypto firms.

The bill now proceeds to the Senate for debate and a final vote, which could reshape digital asset operations in Australia.

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