Australia plans to legislate crypto platforms to be licensed

According to the Australian Treasury, the country has published a draft amendment to the Corporations Act 2001, requiring crypto trading platforms and tokenized custody platforms to hold an Australian financial services license. The draft will include digital asset platforms (DAPs) and tokenized custody platforms (TCPs) in the new financial product category, making them subject to the full set of licensing and consumer protection rules of existing financial institutions. The Treasury noted that the framework focuses on companies that hold user assets, rather than the digital assets themselves, and the primary regulatory model will be consistent with financial intermediaries such as portfolio operators. According to the plan, the Australian Securities and Investments Commission (ASIC) will become the licensing body, and related consultations will be open until October 24, 2025. (TheBlock)