According to Mars Finance, Australian Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino submitted the “2025 Company Amendment (Digital Asset Framework) Bill” to Parliament on Wednesday, aimed at addressing regulatory gaps and enhancing the protection of billions of customer assets. The bill brings crypto exchanges and custody service providers under the regulatory scope of financial services law, designating the Australian Securities and Investments Commission (ASIC) as the primary regulatory authority. The new framework introduces two new categories of financial products: digital asset platforms and tokenization custody platforms, requiring operators to hold an “Australian Financial Services License.” These platforms must operate “efficiently, honestly, and fairly” and comply with ASIC's custody and settlement standards regarding asset security, trade execution, and handling customer instructions. The bill stipulates exemption clauses: low-risk platforms holding assets below $5,000 for each client and with an annual trading volume below $10,000,000 may be exempted from full licensing requirements. The government stated that this move is expected to unlock $24 billion in productivity growth each year, while imposing millions of dollars in fines on companies that fail to protect customer assets.
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