Australia Enacts First Comprehensive Crypto Regulation Bill
- The Corporations Amendment (Digital Assets Framework) Bill passed on April 1, providing a regulatory framework for crypto firms.
- Crypto exchanges and tokenized custody providers must obtain an Australian Financial Services License from ASIC within six months.
- The law defines key terms such as digital tokens and digital asset platforms, enhancing regulatory clarity.
- ASIC and the Minister are granted powers to regulate these platforms effectively.
- The Digital Economy Council of Australia (DECA) welcomed the bill, emphasizing its importance for businesses and investors.
This legislation marks a significant step in regulating the crypto industry in Australia, ensuring that firms adhere to standards similar to those of brokers or fund managers, including safeguarding client assets and maintaining dispute resolution systems.
With this new framework, crypto firms must comply with licensing requirements within six months, paving the way for greater institutional adoption in the region. (Source)
