Opened the debate
Mulino moved the second reading of the bill, arguing that it modernises Australia's financial regulatory framework to address risks in the digital asset sector. Mulino stated that the legislation closes loopholes by subjecting businesses holding client digital assets to the same consumer protection standards as other financial services. The bill introduces digital asset platforms and tokenised custody platforms as new financial products under the Corporations Act, requiring operators to hold Australian financial services licences. Mulino highlighted that the reforms include minimum standards for asset custody, transparency requirements via platform guides, and exemptions for minor operators with transaction values under $10 million. Mulino emphasised that an 18-month transition period would allow businesses and regulators to adapt to the new regime.