An Australian Senate committee has endorsed the government's proposed digital-asset regulatory framework, which would bring crypto platforms and custody services under the country's financial-services regime. The bill would amend the Corporations Act and ASIC Act to create a licensing and compliance regime for businesses that hold or manage digital tokens for clients. Operators would need to hold an Australian Financial Services Licence, comply with asset-safeguarding standards, and meet disclosure requirements when onboarding retail clients. The changes are intended to close regulatory gaps that currently allow businesses to hold large amounts of client digital assets without the safeguards required in traditional finance.