Australia introduces new legislation to regulate cryptocurrency platforms, with violators facing fines of millions of dollars.

According to a report by Decrypt on November 27, the Australian Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino submitted the “2025 Company Law Amendment (Digital Asset Framework) Bill” to Parliament on Wednesday, establishing the country's first comprehensive regulatory framework for businesses representing clients holding digital assets.

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 encompass facilities where operators hold customers' 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 comply with the custody and settlement standards set by the Australian Securities and Investments Commission (ASIC). Platforms where each customer holds assets of less than $5,000 and has an annual trading volume of less than $10 million may be exempt from full licensing requirements. The government stated that the bill could release $24 billion in annual productivity gains, and non-compliant companies will face millions of dollars in fines.