Summary
- The Australian government has released a draft bill to strengthen regulations on virtual asset service providers.
- The bill establishes 'digital asset platform' and 'tokenized custody platform' categories and requires service providers to obtain an Australian Financial Services Licence and ASIC registration.
- The bill extends existing financial product regulations to all exchanges; it is currently at the draft stage and will be developed in detail after stakeholder consultation.
The Australian government has unveiled a draft bill that would significantly strengthen regulations for virtual asset (cryptocurrency) service providers.
On the 25th (local time), according to Cointelegraph, the new bill concerning Australia's virtual asset service providers creates two categories of financial products: 'digital asset platform' and 'tokenized custody platform'.
Accordingly, related service providers would be required to obtain an Australian Financial Services Licence and register with the Australian Securities and Investments Commission (ASIC). This means that regulations that previously applied only to exchanges handling 'financial products' such as derivatives would be extended to all exchanges.
Daniel Mulino, Australia's Assistant Treasurer, said, "This bill is the cornerstone of the Albanese government's digital asset roadmap announced in March," and "It is currently at the draft stage and will be developed further after consulting stakeholders."
Suehyeon Lee
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