Australia releases draft digital asset regulation bill, encryption platforms need to obtain financial license

According to Foresight News, according to Decrypt, Australia's Assistant Finance Minister Daniel Mulino said Australia has issued a draft regulation bill on digital asset platform regulation. The bill intends to extend the Financial Services Act to crypto businesses, requiring major crypto platforms to obtain an Australian Financial Services License (AFSL). Licensed institutions need to manage conflicts of interest, provide dispute resolution systems, and meet minimum custody and settlement standards. The Australian Securities and Investment Commission (ASIC) grants regulatory exemptions to stablecoin intermediaries that allow them to not have a separate financial services license when distributing cryptocurrencies from licensed Australian issuers.
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