Vakul Talwar
Minister for Financial Services, the Hon. Dr Dan Mulino MP, has introduced the Corporations Amendment (Digital Assets Framework) Bill 2025 to Parliament, signalling a new era for crypto regulation and marking a pragmatic step forward for the industry.
Both Crypto.com and the broader industry have maintained consistent pressure on the Federal Government to introduce fit-for-purpose regulation by the end of 2025. It is pleasing to see that the Government has listened to these concerns around the heightened need for regulation to provide clarity to market operators and better protections for consumers.
This Bill aims to bring digital assets, such as cryptocurrencies and tokenised platforms, under the AFSL regime. This is a more appropriate measure than what was previously proposed by ASIC, where they sought market operators like crypto exchanges to instead hold a market operating licence, a policy that would have stifled the growth of the crypto economy by increasing unnecessary red tape.
At its core, the Bill defines key concepts like “digital tokens”, “digital asset platforms” and “tokenised custody platforms”, setting out exactly what falls within the regulatory scope. Operators of these platforms will now be subject to licensing requirements, minimum standards and oversight by ASIC. This means platforms must comply with new rules on asset custody, transaction settlement and disclosure, including providing retail clients with clear guides on risks and fees.
Importantly, it seeks to provide the Minister and ASIC with broad powers to intervene in the market, declare certain platforms as financial markets or exempt them where appropriate. There are also tailored exemptions for smaller platforms and certain blockchain activities, aiming to balance innovation with regulatory certainty.
For consumers, the reforms promise enhanced transparency and protection, with complaint mechanisms and disclosure obligations. For the industry, there’s a 12-month lead-in and a further six-month transition period to adapt to the new regime. This is positive, as it provides an adequate timeframe for businesses to adjust to the requirements and ensure they are meeting them accordingly, which will also ensure consumer safeguards are properly in place.
With the Bill now on the floor of Parliament, Australia is signalling to the world that we want to be a major player on the global crypto stage, by providing a robust framework that supports innovation while safeguarding market integrity and consumer protection.