Australian Senate Committee Supports New Crypto Regulation Framework
- The proposed Corporations Amendment (Digital Assets Framework) Bill aims to modernize digital asset oversight.
- It seeks to establish a licensing and compliance system for digital token managers under the Corporations Act.
- Firms holding digital assets for customers will be regulated under existing financial services rules.
- If passed, firms without an Australian Financial Services License (AFSL) will have six months to comply with the new regulations.
- Crypto exchanges must register with the Australian Transaction Reports and Analysis Centre before offering services.
This legislative proposal aims to enhance consumer protection by integrating cryptocurrency platforms into Australia’s financial framework, ensuring that firms comply with established regulations. The push for regulation reflects a growing recognition of the importance of safeguarding consumers in the evolving digital asset landscape.
The Australian Senate committee’s endorsement could lead to significant changes in how crypto firms operate, particularly with the six-month compliance window for those lacking an AFSL. (Source)
