Australia's Senate Economics Legislation Committee has endorsed the Corporations Amendment (Digital Assets Framework) Bill 2025, which would require crypto exchanges and tokenization platforms to comply with the country's existing financial services regime. The bill, first introduced by Assistant Treasurer and Financial Services Minister Daniel Mulino in November 2025, would treat DAPs and TCPs as financial products under the Corporationations Act and Australian Securities and Investments Commission (ASIC) Act. Licensed platforms must meet ASIC-set custody and settlement standards, comply with disclosure rules for retail clients, and operate under platform‑specific conduct and governance requirements. However, small providers with annual transaction thresholds under 10 million Australian dollars ($7 million) and some public blockchain infrastructure are exempt. Industry groups warned that the bill could inadvertently include wallet software and infrastructure providers in non-unilateral-control setups.