Australia has introduced a regulatory bill for digital assets. What new regulations are facing encryption exchanges?

The Australian government introduced the “Corporate Law Amendment (Digital Asset Framework) Bill 2025” on Wednesday, aimed at implementing comprehensive regulation for Crypto Assets exchanges and accomplice platforms. Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino stated that the bill is expected to unleash about AUD 24 billion in productivity rise each year, while imposing fines of millions of AUD on companies that fail to adequately protect customer assets.

The bill introduces two new financial products in the Companies Act: digital asset platforms and tokenized custody platforms. Digital asset platforms must hold customers' Crypto Assets and provide trading functionalities (transfers, buying and selling, staking, etc.); tokenized custody platforms handle real-world assets such as bonds, real estate, and commodities, and operators must hold the underlying assets and issue convertible tokens. All platforms must hold an Australian Financial Services License and comply with ASIC's custody and settlement standards to ensure asset security and trading compliance. Low-risk small operators can obtain exemptions and do not require full licensing.

The industry has responded positively to the new bill but still has doubts. James Volpe, founder of the Melbourne Web3 education company uCubed, stated that the bill is an important step in integrating digital assets into the mainstream financial system. However, RMIT Associate Professor Darcy Allen and The Crystal aOS CEO Johny Pirovich pointed out that practical details still need to be improved, including issues of discretion and compliance costs. They believe that Australia has long lagged in digital asset regulation and requires collaboration between the industry and the government to promote more comprehensive reforms to ensure clarity in taxation and policies.

The introduction of the new bill marks Australia's move towards a stricter and clearer regulatory system for digital assets, while also setting higher compliance thresholds for exchanges and custody platforms. (Decrypt)