Australia has just introduced its first comprehensive legal framework for cryptocurrency exchanges and custodians aimed at tightening oversight and enhancing the protection of users' assets. The 2025 Amendment Bill to the Corporations Act (Digital Asset Framework) requires cryptocurrency companies to hold an Australian Financial Services License (AFSL) and comply with ASIC regulations. The government believes that the reforms could deliver up to USD 24 billion in productivity each year and improve safety levels for investors.
The new framework adds two types of licenses for “digital asset platforms” and “tokenized custody platforms,” focusing on businesses that hold customer assets. Small businesses processing under 10 million AUD per year will be exempt. The bill has completed its second reading and is expected to pass the House of Representatives, but may face challenges in the Senate. Meanwhile, ASIC stated that it has taken down over 14,000 fraudulent websites related to cryptocurrency.
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