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Australia digital asset regulation bill passes parliament, focuses on actual custody platforms

Australia's parliament has passed a bill requiring cryptocurrency exchanges and custody providers to obtain an Australian financial services licence and bringing digital asset and tokenised custody platforms under the country's licensing framework. The bill will take effect 12 months after royal assent and includes an additional transition period for compliance. An explanatory memorandum says the law applies only to platforms that actually hold customers' cryptoassets, not those providing only control-assisting technology.