Australia Passes First Crypto Law to Regulate Platforms

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Australia has introduced its first cryptocurrency law, requiring crypto exchanges and custodians to obtain Australian Financial Services licences (AFSL) and operate under oversight by the Australian Securities and Investments Commission. The law brings digital asset platforms into the country’s established financial services regulatory framework, aligning crypto businesses with traditional finance rules. It also introduces clear regulatory categories and protections for customer funds, aiming to improve consumer safeguards, reduce risks from exchange failures, and strengthen industry trust.