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In Australia, cryptocurrency platforms seek classification as financial institutions., 2026/03/16 14:41:55
The Senate Economics Committee of Australia has recommended the adoption of a bill titled Corporations Amendment (Digital Assets Framework). This legislation mandates that platforms dealing with cryptocurrency assets obtain a license for providing financial services.
As per the document, crypto platforms and services for tokenizing real-world assets should be equated with other financial entities. The regulation will also encompass all intermediaries that store clients’ cryptocurrency assets or facilitate crypto trading.
Should the bill be approved, companies currently lacking the necessary financial licenses will have a six-month transition period starting from the date the regulation comes into effect.
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The bill was proposed by the Australian Treasury in November 2025, passed its final reading in the House of Representatives on February 4, and was subsequently forwarded to the Senate the following day.
The authors of the document indicate that there is currently no regulation governing the cryptocurrency market in the country. The bill defines terms such as “digital tokens” and clarifies how existing financial services laws apply to crypto platforms. Additionally, it proposes rules for asset storage, transaction execution, and information disclosure for retail clients, as well as establishing asset protection standards.
At the end of January, Joe Longo, the chair of the Australian Securities and Investments Commission (ASIC), urged the government to expedite the enactment of cryptocurrency market regulations. Longo believes that due to the increasing popularity of crypto services, it is becoming more challenging for the state to monitor transactions.
