The Australian government has unveiled draft regulations aimed at extending financial services laws to the cryptocurrency sector. The proposed framework requires crypto asset platforms to secure an Australian Financial Services License and categorizes them into digital asset platforms and custodial platforms. These platforms must address conflicts of interest, implement dispute resolution mechanisms, and adhere to custody and settlement standards. The draft regulations also encompass wrapped tokens, public token infrastructure, and staking services, allowing regulatory flexibility. The Australian Securities and Investments Commission (ASIC) has already introduced a licensing exemption for stablecoin intermediaries. The draft legislation is open for public comment, inviting feedback from industry stakeholders.