Australia's Assistant Treasurer Daniel Mulino has announced a draft legislation aimed at regulating digital asset platforms by extending financial services laws to include crypto businesses. The proposal introduces two new categories under the Corporations Act: "digital asset platforms" and "tokenized custody platforms." Operators will be required to obtain an Australian Financial Services License and comply with requirements related to custody, settlement, and dispute resolution. Mulino described this initiative as a "cornerstone" of the government's digital asset roadmap, intended to legitimize quality participants and eliminate substandard ones.