Australia has taken a significant step forward in crypto regulation. The government aims to regulate digital asset service platforms. The proposed regulations put safety and consumer protection at the forefront. The Australian Financial Services License becomes mandatory for platforms with assets of AU$1,500 or more. In addition, it is planned to establish guidelines for custodial software standards and token transactions. These regulations will bring more regulations to crypto activities. This step is being viewed positively by people with experience in the crypto space. In addition, some Australian banks have taken measures to mitigate crypto-related risks.