The Australian government has released draft legislation that anchors digital asset platforms within its existing financial services regulatory system. This development is a foundational step toward formalizing the market structure for crypto assets. By defining “digital asset platforms” and “tokenized custody platforms” as new financial products, the framework mandates that service providers secure an Australian Financial Services Licence (AFSL). This integration requires platforms to adhere to established standards of conduct and operational integrity.
The systemic implication is a significant reduction in regulatory ambiguity, which has been a primary barrier to institutional capital allocation in the sector. This structured approach provides a clear operational blueprint for exchanges and custodians, fostering a more secure and transparent market environment.
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