The Australian treasury revealed a brand new draft proposal for crypto corporations within the nation, requiring them to carry licenses and be handled as monetary merchandise.
The proposal would require crypto corporations to carry monetary service licenses, successfully bringing them underneath the wing of the nation’s securities regulator, Australian Securities and Investments Fee (ASIC).
Digital asset platforms (DAPs) and tokenized custody platforms (TCPs) will fall underneath the identical bracket as different monetary intermediaries, and topic to the identical licensing and client safety guidelines.
Daniel Mulino, assistant treasurer, revealed the draft laws on Thursday. Mulino defined that the plan is to deliver crypto underneath present monetary providers guidelines.
“The ultimate laws will introduce a brand new framework for digital asset companies in Australia. It is going to accomplish that by extending present monetary providers legal guidelines however in a focused manner,” Mulino mentioned.
Kate Cooper, CEO of OKX Australia, mentioned that the draft laws is a transparent indication that crypto is now absolutely embedded within the nation’s monetary system.
“The draft laws is the clearest sign but that crypto is not working on the fringes and is now embedded within the monetary system. The true measure of this reform can be proven by the compliance and enforcement that follows its implementation, making certain that accountable, licensed operators aren’t undercut by unregulated gamers and that Australian customers are protected,” Cooper mentioned.
The treasury has opened the draft laws for session. The session window is open till Oct. 24, 2025.
UPDATE (Sept. 25, 06:15 UTC): Provides remark from OKX Australia CEO on the draft laws.