Australia's New Crypto Legislation: Licensing Framework for Digital Asset Platforms

The Australian Treasury has unveiled groundbreaking draft legislation requiring cryptocurrency firms to obtain financial services licenses. This regulatory move brings digital asset platforms (DAPs) and tokenized custody platforms (TCPs) under the supervision of ASIC, Australia's securities regulator. Assistant Treasurer Daniel Mulino announced the proposal, which extends existing financial services laws to crypto businesses with targeted modifications. The consultation period for this landmark legislation remains open until October 24, 2025, marking a significant step toward mainstream crypto adoption in Australia's financial ecosystem.