The Australian Treasury revealed a new draft of proposals for cryptic businesses in the country, which required them to have licenses and be treated as financial products.
The proposal requires that cryptic companies have financial service licenses, which effectively brings them under the wing of the country’s securities regulator, Australian Securities and Investments Commission (ASIC).
Digital asset platforms (DAPS) and tokenized detention platforms (TCPS) fall under the same fittings as other financial intermediaries and subject to the same license and consumer protection rules.
Daniel Mulino, assistant treasurer, revealed the draft legislation on Thursday. Mulino explained that the plan is to bring crypto under existing rules for financial services.
“The final legislation will introduce a new framework for digital asset companies in Australia. It will do so by expanding existing financial services laws, but in a targeted way,” Mulino said.
The treasury has opened the draft legislation for consultation. The consultation window is open until October 24, 2025.
