Australia introduces new bill to regulate crypto platforms, violators could face millions in fines

Techub News: According to Decrypt, Australian Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino have submitted the "Corporations Amendment (Digital Asset Framework) Bill 2025" to Parliament, proposing to establish the first comprehensive regulatory framework for businesses holding digital assets on behalf of clients. The bill introduces two new types of financial products under the Corporations Act: digital asset platforms and tokenized custody platforms. Relevant platforms must obtain an Australian Financial Services License (AFSL) and comply with the custody and settlement standards set by the Australian Securities and Investments Commission (ASIC).

 

The bill stipulates that platforms holding assets of less than $5,000 per client and with an annual trading volume of less than $10 million are exempt from the full licensing requirements. According to calculations by the government and research institutions, this framework is expected to unlock approximately $24 billion in productivity benefits annually. Meanwhile, fines in the millions of dollars will be imposed on non-compliant enterprises to strengthen consumer protection and anti-money laundering compliance.