Australia’s Parliament has passed legislation that will
bring digital asset platforms and tokenised custody providers under the
country’s financial services licensing regime.
Singapore
Summit: Meet the largest APAC brokers you know (and those you still don't!).
Last year, the Australian
Securities and Investments Commission clarified how existing laws apply to
digital assets. The guidance classifies stablecoins, wrapped tokens, and
tokenised securities as financial products. Many providers must now hold a
licence. ASIC introduced a no-action position until 30 June 2026 for firms
making genuine efforts to comply.
New Law Targets Exchanges, Custody Providers
The Corporations Amendment Bill 2025, known as the Digital
Assets Framework, cleared both houses, according to parliamentary records. It
was introduced in November 2025 and amends the Corporations Act and ASIC Act.
Its stated aim is to “improve consumer protection, market integrity and
regulatory certainty.”
The legislation now awaits royal assent, the final step
before it becomes law. It is scheduled to take effect 12 months after assent,
with a transition period for businesses to comply.
Under the bill, operators of crypto exchanges and custody
platforms will be required to obtain an Australian Financial Services Licence from ASIC.
💥BREAKING:Australia passes its first crypto law, requiring exchanges and custodians to obtain AFS licenses.New rules aim to regulate platforms and protect customer funds. pic.twitter.com/xMTOYZ0QEv
— Crypto Rover (@cryptorover) April 1, 2026
ASIC Targets Crypto Products Under Regulation
The Federal Court of Australia recently fined
Binance Australia Derivatives AU$10 million after the company acknowledged
misclassifying a majority of its local clients. The misclassified accounts
incurred AU$8.66 million in trading losses and paid AU$3.89 million in fees.
The case forms part of broader regulatory attention in
Australia. ASIC has indicated that certain crypto products may fall under
existing financial regulation. Other firms have also faced fines. Bit
Trade, the local operator of Kraken, was fined AU$8 million in December 2024
over a leveraged “margin extension” product.
Internationally, the European Securities and Markets
Authority has
suggested that crypto perpetual contracts could be treated as CFDs. In the
United States, the Commodity Futures Trading Commission is
considering allowing broader access to crypto derivatives for retail
traders.
This article was written by Tareq Sikder at www.financemagnates.com.
Source link
