The Senate Economics Legislation Committee said the proposed legislation will modernize digital assets regulatory framework.
An Australian Senate committee has endorsed a bill that would bring cryptocurrency platforms and custody providers under the country’s existing financial services framework. The proposed Corporations Amendment Bill 2025 would create a licensing and compliance regime for digital token managers by amending the Companies Act and the ASIC Act.
The Senate Economics Legislation Committee said in a report published Monday that the proposed Corporations Amendment Bill 2025 would modernize digital-asset oversight with traditional market safeguards to protect consumers. The framework seeks to establish a licensing and compliance system for digital token managers by amending the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001. The proposal targets firms that hold digital assets on behalf of customers, bringing them under existing financial services rules instead of attempting to regulate the underlying blockchain infrastructure. Should the measure become law, firms without an AFSL would be given six months to obtain the required authorization and comply with the new framework. Crypto exchanges operating in Australia are already required to register with the country’s financial intelligence agency, the Australian Transaction Reports and Analysis Centre, as digital currency providers before offering exchange services.XRP broke above a long-standing resistance around $1.426 after months of sideways trading, shifting short-term momentum in favor of buyers. The move, which lifted the token from about $1.41 to $1.47 on surging volume, comes as activity and tokenized real-world assets on the XRP Ledger continue to climb. Traders are watching whether XRP can hold support near $1.43–$1.44, with a sustained base there opening the door to a push toward $1.50–$1.55, while a drop back below $1.43 could send it toward $1.39–$1.40.15 hours ago
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