The Australian government has introduced a new bill to regulate crypto platforms under existing financial services laws, following cautious support from industry consultations regarding the legislation.
Assistant Treasurer Daniel Mulino submitted the "Corporations Amendment (Digital Assets Framework) Bill 2025" on Wednesday, which will require crypto companies such as exchanges and custodial providers to obtain an Australian Financial Services License (AFSL).
"Globally, digital assets are reshaping finance," Mulino stated in the House of Representatives on Wednesday. "Australia must keep pace. If we get this right, we can attract investment, create jobs, and position our financial system at the forefront of innovation."
The Treasury launched a consultation on the draft bill in September, and Mulino mentioned at a crypto conference that this is the "cornerstone" of the Albanese government's crypto roadmap released in March.
The local crypto industry generally supports the draft, but many expressed during the consultation that the bill still needs further clarification and simplification.
Mulino noted in the House that companies can currently hold unlimited amounts of customer crypto assets "without any financial legal protections," adding that the risks of scams or fraud similar to FTX are "not to be ignored."
He said, "The bill addresses these challenges by narrowing loopholes, ensuring comparable activities bear comparable obligations, and tailoring regulations to the digital asset ecosystem."
Currently, crypto platforms that only facilitate trading need to register with the Australian Transaction Reports and Analysis Centre, which has registered 400 crypto exchanges, many of which are inactive.
Mulino added that the legislation will focus on companies holding crypto assets for customers, "rather than the technology itself." "This means it can continuously evolve as new tokenization forms and digital services emerge."
The bill will amend the Corporations Act to introduce two new categories of financial products: "digital asset platforms" and "tokenized custodial platforms," both of which will require an AFSL.
This license will allow platforms to register with the Australian Securities and Investments Commission (ASIC). Currently, only exchanges selling "financial products" (such as derivatives) are required to register.
Mulino stated that any actions "providing advice on crypto, engaging in trading, or arranging trades for others" will be considered providing financial services and will require a license.
Under the bill, crypto and custodial platforms must meet ASIC's minimum standards for trading, settlement, and customer asset custody. Additionally, platforms must provide customers with guidance on their services, fees, and risks.
Mulino mentioned that the bill exempts "small-scale" companies from licensing requirements, specifically those with trading volumes below AUD 10 million (USD 6.5 million) within 12 months, as well as entities trading or providing advice on platforms "related to their primary non-financial activities."
The bill stipulates an 18-month licensing grace period, which Mulino said will provide "relief for businesses striving to operate in compliance."
The bill is expected to pass quickly in the House of Representatives, where the current Prime Minister Anthony Albanese's center-left Labor Party holds a majority with 94 seats. The bill will then move to the Senate for review, where the Labor Party may need support from cross-party members and the opposition to get it through.
Related: Nasdaq plans "super expansion" of BlackRock's Bitcoin (BTC) ETF quota
Original: “Australia advances bill to regulate cryptocurrency under financial law”
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