Australia has taken a significant step in cryptocurrency regulation with the introduction of the Corporations Amendment (Digital Assets Framework) Bill 2025. The bill, presented by Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino, establishes the country's first comprehensive regulatory framework for digital assets, specifically targeting cryptocurrency exchanges and custody platforms that hold customer assets.
The legislation creates two new financial product categories: digital asset platforms, which handle clients' crypto assets for transactions like buying, selling, or staking, and tokenised custody platforms, which manage real-world assets such as bonds or property through redeemable tokens. Platforms must obtain an Australian Financial Services Licence, adhere to strict custody and settlement standards set by ASIC, and act "efficiently, honestly and fairly." Exemptions apply to low-risk operators holding less than $5,000 per customer and facilitating under $10 million annually, allowing early-stage experiments without full licensing.
Non-compliance could result in multi-million dollar penalties, emphasizing the government's focus on consumer protection. The framework aims to address regulatory gaps that previously left billions in client assets unprotected and could unlock $24 billion in annual productivity gains. However, industry experts like Darcy Allen of RMIT University and Joni Pirovich of The Crystal aOS have raised concerns about implementation costs, discretionary powers, and remaining gaps, noting that Australia is now a follower in global digital-asset regulation.
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