Australia has introduced draft legislation to regulate digital asset platforms, extending financial services laws to the crypto sector. The proposal, announced by Assistant Treasurer Daniel Mulino at the Global Digital Asset Regulatory Summit, aims to enhance consumer protections and provide a clear framework for the industry. Under the new legislation, major crypto platforms must obtain an Australian Financial Services License (AFSL), while smaller firms may be exempt. Key regulations will manage conflicts of interest, establish dispute resolution systems, and enforce minimum custody and settlement standards. Mulino emphasized the need for a robust framework to mitigate risks exposed by recent sector failures and to offer certainty for both businesses and consumers. Furthermore, the legislation allows for flexibility in adapting to evolving technologies and services, ensuring the regulatory environment remains relevant. Stakeholder consultations will continue before the final implementation of the law, focusing on clarity and pragmatic solutions for the crypto ecosystem.

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