Australia Prepares to Include Crypto Companies in Its Financial Services Framework! Here Are the Details

The Australian Treasury Department has presented a new draft law that aims to include crypto companies in the country within the existing financial services ￰0￱ Prepares to Include Crypto Firms in Financial Services Framework Under the bill, crypto firms would be required to obtain a financial services license, making them subject to oversight by the Australian Securities and Investments Commission (ASIC). Under the new regulation, digital asset platforms (DAP) and tokenized custody platforms (TCP) will be considered in the same category as other financial ￰1￱ companies will undergo licensing processes and be required to comply with investor protection regulations, ensuring that the crypto industry is held to the same legal standards as traditional financial ￰2￱ Treasurer Daniel Mulino announced the bill today.

“The final legislation will create a new framework for digital asset companies in ￰3￱ will do this by expanding existing financial services laws in a targeted manner,” Mulino said in a ￰4￱ draft text has been opened to public ￰5￱ parties can submit their comments and suggestions to the ministry until October 24, ￰6￱ say this move could make crypto assets more transparent and secure within the regulatory framework. It's also seen as a significant step toward investor protection. *This is not investment ￰7￱ Reading: Australia Prepares to Include Crypto Companies in Its Financial Services Framework! Here Are the Details