Australia has recently made a big move - the "Digital Asset Framework Amendment" has been officially submitted.

The core idea of this reform is very clear: to bring all cryptocurrency trading platforms and custodial service providers into the framework of traditional financial regulation, to be directly overseen by ASIC (Australian Securities and Investments Commission).

The bill adds definitions for two types of financial products: digital asset platforms and tokenized custody platforms. Want to do business in this area in Australia? You must first obtain an AFS financial services license, which is a mandatory threshold.

However, it is not a one-size-fits-all approach. There is an exemption clause: if your individual client assets are less than 5,000 AUD and the annual transaction total is less than 1,000 AUD, you can temporarily avoid applying for a license. This allows some leeway for small-scale operations.

From the perspective of regulatory trends, countries are moving towards compliance. Australia's move is equivalent to completely bringing the cryptocurrency industry into the rules of the mainstream financial system.