Australian Senate Committee Backs Major Crypto Regulation Bill

• The legislation is part of Australia’s wider push to set up a comprehensive regulatory framework for crypto services.
• The committee also mentioned that the industry submissions warmly and widely welcomed the efforts of the government to modernise the regulatory framework. 

An Australian Senate committee has suggested passing a prominent crypto regulatory bill that would need financial licences for crypto platforms. 

The report released on March 16 mentioned that the Senate Economics Legislation Committee said the Corporations Amendment Bill 2025 would depict a substantial enhancement in the regulation of digital assets in Australia. 

The committee also highlighted that developing rules which are able to accurately recognise and control risk while being technology-neutral and compatible with international frameworks is a significantly difficult undertaking but deduced that the bill offers meaningfully robust safeguards for Australian consumers. 

The legislation is part of Australia’s wider push to set up a comprehensive regulatory framework for crypto services. As per the proposal, businesses running digital asset platforms or tokenized custody platforms would be given similar treatment to other financial service providers and need to get an Australian Financial Services Licence, as per an official bill digest. 

Instead of regulating the underlying blockchain technology, the bill aims at intermediaries that hold customer assets or facilitate trading, which regulators see as the prime source of potential risk in the ecosystem.

The bill also clarified prominent concepts like “digital tokens” and defined how current financial services laws apply to crypto platforms and rolled out rules governing asset custody, transaction execution, and disclosure needs for retail clients. 

The Warm Welcome 

The framework would also set up standards for safeguarding customer assets. Rolled out by the Treasury in November 2025, the bill passed its third reading in the House of Representatives on Feb. 4 before being referred to the Senate the next day. 

The Senate Economics Legislation Committee has since looked after the bill as well as the industry feedback and released its report on March 16. 

The committee also mentioned that the industry submissions warmly and widely welcomed the efforts of the government to modernise the regulatory framework of the country and make clearer rules for market participants. 

The inquiry of the committee got submissions from a range of industry groups, comprising exchanges, fintech associations and law companies. 

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