Australia introduces new bill to regulate cryptocurrency platforms, violators face millions of dollars in fines

Jinse Finance reported, citing Decrypt, that Australian Treasurer Jim Chalmers and Minister for Financial Services Daniel Mulino on Wednesday submitted the “2025 Corporations Amendment (Digital Asset Framework) Bill” to Parliament, establishing the country's first comprehensive regulatory framework for businesses holding digital assets on behalf of clients. The bill introduces two new categories of financial products under the Corporations Act: digital asset platforms and tokenized custody platforms, both of which require an Australian Financial Services License. Digital asset platforms cover facilities where operators hold client crypto assets and provide transaction functions such as transfers, buying and 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 of the Australian Securities and Investments Commission (ASIC). Platforms where each client holds less than $5,000 in assets and annual transaction volume is below $10 million are exempt from full licensing requirements. The government stated that the bill could unlock $24 billion in annual productivity gains, and non-compliant companies will face fines of millions of dollars.