Australia is strengthening its regulation of cryptocurrency platforms through legislation.

PANews reported on November 27th that, according to Decrypt, Australia is strengthening its regulation of cryptocurrency exchanges and custody platforms through legislation. The government says the bill, while imposing millions of dollars in fines on companies that fail to protect customer assets, is expected to unlock $24 billion in productivity gains annually. On Wednesday, Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino introduced the Companies Act Amendment (Digital Assets Framework) Bill 2025, which establishes the country's first comprehensive regulatory framework for businesses holding digital assets on behalf of customers. The bill was introduced and completed its first reading on Wednesday, entering its second reading on the same day.

The bill introduces two new categories of financial products under corporations law. Digital asset platforms cover venues where operators hold clients' crypto assets and provide trading functionality, such as transfers, buying, selling, or staking. Tokenized custody platforms handle real-world assets such as bonds, real estate, and commodities. Licensed operators must hold each underlying asset and issue a single redeemable token that clients can redeem for its original form. Platforms must hold an Australian financial services license and comply with the Australian Securities and Investments Commission (ASIC)'s custody and settlement standards, including how to protect assets, execute trades, process client orders, and obtain liquidity. Low-risk operators with less than $5,000 in assets per client and less than $10 million in trading volume are exempt from full licensing.