Australia is taking steps to regulate the crypto industry, introducing a new consumer protection bill that brings exchanges and custodians under the oversight of the Australian Securities & Investments Commission (ASIC). This move marks a significant shift in regulation for the country’s digital asset market. 🎧 The bill designates ASIC as the primary regulatory body and mandates that crypto platforms obtain an Australian Financial Services Licence. 🇦🇺 This new framework establishes two specialized categories: ‘digital asset platforms’ and ‘tokenized custody platforms’. It sets requirements for security, trade execution, and customer order handling to enhance stability and transparency in the industry.