Australia proposes new cryptocurrency platform regulation bill, introducing the concepts of digital asset platforms and tokenized custody platforms

The Australian Treasury and the Department of Financial Services submitted the "2025 Corporations Act Amendment (Digital Assets Framework) Bill" to Parliament, establishing the country's first comprehensive regulatory framework for businesses that hold digital assets on behalf of clients.

The bill introduces two new categories of financial products: digital asset platforms and tokenized custody platforms, both of which must obtain an Australian Financial Services License. Digital asset platforms encompass facilities where operators hold customer crypto assets and provide transaction functionalities such as transfers, buying, selling, or staking; tokenized custody platforms handle real-world assets such as bonds, real estate, and commodities. Platforms must adhere to the custody and settlement standards set by the Australian Securities and Investments Commission (ASIC). Platforms with each customer holding assets of less than $5,000 and an annual trading volume below $10 million may be exempt from full licensing requirements. The Australian government stated that the bill could unlock $24 billion in annual productivity gains, and non-compliant businesses will face fines in the millions of dollars.