Australia has introduced a new legislative framework to regulate cryptocurrency exchanges and custody platforms, aiming to enhance asset protection and unlock significant economic benefits. The Companies Act Amendment (Digital Assets Framework) Bill 2025, introduced by Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino, establishes the country's first comprehensive regulatory framework for digital asset businesses. The bill, which completed its first reading on Wednesday, imposes stringent requirements on platforms holding digital assets, including the need for an Australian financial services license and adherence to ASIC's custody and settlement standards. The legislation introduces two new categories of financial products: digital asset platforms and tokenized custody platforms. These platforms must ensure asset protection, trade execution, and client order processing. While the bill imposes millions in fines for non-compliance, it is expected to generate $24 billion in annual productivity gains. Low-risk operators with minimal assets and trading volumes are exempt from full licensing requirements.