Australia Proposes Licensing for Crypto Firms as Financial Products

The Australian treasury has proposed a draft requiring crypto firms to hold financial service licenses.
This move aims to classify cryptocurrencies as financial products, bringing them under the Australian Securities and Investments Commission (ASIC) regulations.
Digital asset platforms and tokenized custody platforms will be treated similarly to other financial intermediaries, adhering to the same licensing and consumer protection rules.
Assistant Treasurer Daniel Mulino announced that the legislation seeks to integrate crypto into existing financial services laws in a targeted manner.
The draft legislation is open for consultation until October 24, 2025.