An Australian Senate committee has supported a digital asset regulatory bill, which could require cryptocurrency trading platforms to apply for financial licenses.

The Australian Senate's Economic Legislation Committee has recommended the passage of the "Corporations Amendment (Digital Assets Framework) Bill 2025," which aims to bring crypto asset platforms under the existing financial regulatory framework and require relevant companies to apply for an Australian Financial Services License (AFSL). The committee stated in its report that the bill will strengthen the regulatory framework for Australia's digital asset industry and provide a higher level of consumer protection, while maintaining technological neutrality and aligning with international regulatory systems as much as possible in its rule design. According to the bill, companies operating digital asset trading platforms or providing token custody services will be considered financial service providers and will need to obtain a financial license and comply with relevant compliance requirements. The bill was introduced by the Australian Treasury in November 2025 and passed its third reading in the House of Representatives on February 4, 2026. It is currently under consideration in the Senate. The committee noted that most industry bodies support a clearer regulatory framework, but some argue that the bill's definitions of concepts such as "digital tokens" and "effective control" are too broad and may affect some infrastructure or non-custodial service providers. If the bill is ultimately passed, relevant companies will be given a six-month transition period to complete their license applications. (The Block)