Australian Senate Committee Backs Legislation to Regulate Crypto Exchanges

An Australian Senate committee has endorsed the Digital Assets Framework Bill, which seeks to integrate cryptocurrency exchanges into existing financial services regulations.

The bill requires exchanges to obtain an AFSL (Australian Financial Services Licence) within six months of its commencement and introduces new compliance requirements. The legislation aims to provide a clearer regulatory framework for the digital asset sector.

FinTech Australia, which submitted in support of the Bill's passage, stated that efforts to provide clarity for the sector under existing law had highlighted the limits of applying legacy frameworks to emerging technologies.