Australia Signals Big Crypto Ambitions With $24B Framework and Tighter Custody Standards

Australia is accelerating its push into digital finance with the introduction of the Corporations Amendment (Digital Assets Framework) Bill 2025. The comprehensive regulatory overhaul aims to strengthen crypto custody standards, improve investor protection, and unlock an estimated $24 billion in annual economic value.

The bill establishes the country’s first comprehensive framework for digital asset platforms and crypto custodians, positioning Australia as one of the most proactive jurisdictions in the global race for crypto regulation. A new licensing regime requires crypto exchanges and custody providers to obtain an Australian Financial Services License (AFSL), bringing them under the supervision of the Australian Securities and Investments Commission (ASIC).

Assistant Treasurer Daniel Mulino emphasized the need to 'keep pace' with financial innovation. The legislation specifically targets firms holding customer crypto, addressing concerns over inadequate safeguards. Two new regulated categories—digital asset platforms and tokenized custody platforms—aim to close existing gaps.