Australian Senate committee backs crypto platform regulation bill

The Australian Senate Economics Legislation Committee has released a report supporting the government's digital asset regulation bill, Decrypt reported. The bill includes provisions to bring cryptocurrency trading platforms and custody service providers into the existing financial services regulatory framework. The committee praised the legislation as a significant step toward modernizing the supervisory framework for the digital asset industry. Previously, the Australian government has engaged in policy discussions to bring crypto platforms under financial regulation, including mandating that exchanges register with the Australian Transaction Reports and Analysis Centre (AUSTRAC).