Australia Moves Closer to Regulating Cryptocurrency Market

The Australian Senate has taken a significant step towards regulating the country's cryptocurrency market. A committee report published on Monday recommends that proposed legislation be passed, which would integrate cryptocurrency platforms into the nation's financial services framework.

The Corporations Amendment (Digital Assets Framework) Bill 2025 proposes to amend the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001. This will establish a licensing system for firms that hold digital assets on behalf of customers, thereby bringing them under existing financial services rules.

The framework focuses on regulating firms rather than the underlying blockchain infrastructure. This approach is expected to provide an added layer of protection for consumers in Australia's burgeoning cryptocurrency market.