Australia's Senate Committee Supports Digital-Asset Bill with Transition Period

Australia's Senate Economics Legislation Committee has endorsed a digital-asset bill that proposes a six-month transition period for providers lacking an Australian Financial Services Licence. According to NS3.AI, the proposed framework mandates that digital-asset platforms and tokenized custody services obtain an Australian Financial Services Licence, ensure the protection of client assets, and fulfill retail disclosure obligations. The bill now advances to the next stages of parliamentary consideration, potentially establishing Australia's first comprehensive framework for digital-asset platforms.