The Australian government proposed the "2025 Companies Act Amendment (Digital Asset Framework) Bill" on Wednesday, aimed at implementing comprehensive regulation for crypto asset exchanges and custody platforms. Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino stated that the bill is expected to release about AU$24 billion in productivity rise each year, while imposing fines of millions of AU$ on companies that fail to adequately protect customer assets. The bill introduces two new financial products in the Companies Act: digital asset platforms and tokenized custody platforms. Digital asset platforms must hold customers' crypto assets and provide trading functions (transfers, buying and selling, staking, etc.); tokenized custody platforms handle real-world assets such as bonds, real estate, and commodities, and operators must hold the underlying assets and issue convertible tokens. All platforms must hold an Australian Financial Services License and comply with ASIC's custody and settlement standards to ensure asset security and trading compliance. Low-risk small operators may be exempted from full licensing requirements.