Australia passed legislation on Wednesday, creating its first comprehensive regulatory framework for digital assets that requires crypto exchanges and custody providers to obtain financial services licenses.

The Corporations Amendment (Digital Assets Framework) Bill 2025 cleared both houses on April 1, bringing firms that hold digital assets on behalf of customers into the existing Australian Financial Services Licence regime.

Australia’s bill creates two new regulated categories under the Corporations Act: digital asset platforms, which hold crypto on behalf of users, and tokenized custody platforms, which hold real-world assets and issue a corresponding digital token.

Operators of both must obtain an Australian Financial Services…