Australia Brings Digital Assets Under Full Financial Regulation
Under the bill, crypto exchanges and digital asset custodians must hold an Australian Financial Services Licence (AFSL). This change brings them under the direct oversight of the Securities and Investments Commission (ASIC), rather than relying solely on AUSTRAC registration to meet anti-money laundering obligations.
Lawmakers define two new financial product categories: ‘digital asset platforms’ and ‘tokenised custody platforms.’ Digital asset platforms cover businesses that hold client crypto and offer services such as trading, transfers, staking or settlement. Tokenised custody platforms include operators of real-world assets such as property, bonds, or commodities that issue redeemable tokens pegged one-for-one to those…
