Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino introduced a historic bill to Parliament this Wednesday. This legal framework seeks to radically transform crypto regulation in Australia, integrating digital asset platforms under the supervision of ASIC. Officials highlighted that this legislation could unlock 24 billion dollars in annual productivity gains for the national economy.
The “Corporations Amendment (Digital Assets Framework) Bill 2025″ establishes two new categories of financial products that will require mandatory licenses. On one hand, digital asset platforms that manage client transactions and holdings; on the other, tokenized custody platforms. This measure imposes multimillion-dollar penalties on companies that fail to protect user funds, closing critical security gaps. Likewise, exemptions are established for small operators holding less than $1,500 per customer or moving less than 10 million annually.
Will This Regulation Balance Innovation With Strict Consumer Protection?
This legislative move responds to the urgent need to formalize the sector, treating tokenized assets as part of the mainstream financial system. James Volpe, director of uCubed, noted that this is a significant step toward market maturity and institutional adoption. Platforms must now act efficiently, honestly, and fairly, complying with custody and settlement standards that govern traditional finance. Thus, the goal is to prevent collapses that leave investors unprotected.
However, the industry maintains some skepticism regarding the practical implementation of these rules and the associated compliance costs for companies. Darcy Allen, of the Digital Economy Council of Australia, warned that the country risks becoming a lagging follower in regulatory matters. There are genuine doubts about how discretionary powers will be used by regulators and whether this will stifle local competitiveness. Despite the government’s intentions, the sector fears excessive bureaucratic burden.
The bill is in its early reading stages and must undergo intense parliamentary debate before being approved. Experts like Joni Pirovich suggest that, although the direction is correct, key definitional details are still missing that the industry will have to fight to correct. Political parties and independents are expected to push for more holistic reforms that include tax clarity for cryptocurrencies.
