Australia Introduces Crypto Custody Bill With Heavy Penalties for Breaches
Australia has moved to tighten its grip on crypto exchanges and custody providers with legislation that promises tougher oversight and steep penalties for failures in asset protection. The government introduced its first full regulatory framework for crypto custody and exchange platforms, requiring firms to hold an Australian Financial Services License (AFSL) and comply with ASIC supervision.
Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino championed the bill, emphasizing its potential to unlock $24 billion in annual productivity gains while strengthening investor safeguards. The legislation passed its first parliamentary reading and advanced to debate stage.
"We take Australia's crypto industry seriously," stated officials, framing digital assets as key economic drivers. The reforms aim to balance innovation with consumer protection as blockchain adoption accelerates.
