The Australian Treasury has revealed draft legislation that would treat crypto firms like traditional financial intermediaries, requiring them to obtain financial service licenses and operate under the oversight of the Australian Securities and Investments Commission.
Assistant Treasurer Daniel Mulino said the plan is designed to bring digital assets under existing financial services rules, covering platforms that handle custody or tokenized assets. Industry voices welcomed the step as a sign that crypto is now part of the country’s financial mainstream.
Kate Cooper, CEO of OKX Australia, praised the proposal, saying it ensures licensed operators are not undercut by unregulated players while boosting consumer protection. She emphasized that effective compliance and enforcement will determine the success of the reforms.
The draft has been opened for public consultation, with submissions accepted until October 24, 2025. If passed, the legislation would mark one of Australia’s most significant moves yet to regulate its growing crypto sector.
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