Karl Mohan

Key points

• The tokenised RWA market expanded 431% between January 2025 and April 2026, with capitalisation growing from approximately US$5.8 billion to over US$30.8 billion.
• While tokenised US Treasuries accounted for the largest market value at around US$15.1 billion, asset-backed credit saw the most dramatic growth, surging 29-fold from US$82 million to US$2.5 billion during the same period.
• Tokenised commodities also showed robust performance, achieving a 412% gain in market value in the same period.

The growth in tokenised real-world assets is rapidly shifting from an idea into a structural change across global capital markets. Between January 2025 and April 2026, the market expanded by more than 430 per cent, with total capitalisation rising from approximately US$5.8 billion to over US$30.8 billion.

This expansion is underpinned by improved regulatory settings and greater participation from traditional financial institutions. The entry of major players such as BlackRock and Fidelity has helped validate tokenisation as a legitimate extension of existing financial markets, rather than a parallel system. As a result, tokenised products are increasingly being viewed as investable, institutional-grade offerings.

While tokenised US Treasuries continue to represent the largest share of the market, accounting for around US$15.1 billion in value, growth is now becoming more diversified. Asset-backed credit has been one of the fastest growing segments, increasing from roughly US$82 million to US$2.5 billion over the same period. Tokenised commodities have also recorded strong performance, with market value increasing by more than 400 per cent.

In Australia, adoption remains at an earlier stage, but there are clear signs that momentum is building. More tokenised products are beginning to emerge locally, and we expect this to accelerate significantly over the next 12 to 24 months as regulatory clarity improves and market infrastructure continues to develop.

We expect to see traditional asset classes such as equities and money market funds increasingly becoming tokenised and the core drivers behind this growth are clear.

Tokenised real-world assets offer near-instant settlement, improved transparency and more efficient transaction processes. These features reduce friction within traditional financial systems and make it easier for both institutions and investors to move capital and access a wider range of assets.

As the market continues to mature, tokenisation has enormous potential to enhance existing financial systems rather than replace them. For Australia, the challenge and opportunity will be ensuring local markets can keep pace with global developments and fully participate in what is emerging as a major structural shift in finance.

By Karl Mohan, General Manager International

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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.

By Vakul Talwar, General Manager for Australia

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Vakul Talwar

The release of Treasury’s draft digital asset legislation is a pragmatic step forward towards allowing Australia to become an innovator and powerhouse in the global crypto market, by providing greater consumer protection and clear guidelines for market operators, which are long overdue.

By leveraging the established AFSL regime, the legislation ensures a robust regulatory environment that protects consumers, without placing unnecessary red tape on market operators, something that Crypto.com has been advocating for throughout the year.

In 2025, Crypto.com has held meetings across the country with senior members of the Government and Opposition, highlighting the benefits of utilising the AFSL regime as the basis of our regulatory framework, while also keeping the pressure on to introduce draft legislation by year-end.

Crucially, the government’s decision to leverage the existing AFSL regime, rather than introducing a requirement for businesses to hold a market operating licence as previously proposed by ASIC, demonstrates a clear understanding of the sector’s needs. This approach is more efficient, building on established regulatory infrastructure and expertise, while avoiding unnecessary complexity and cost. Requiring firms to hold a market operating licence would have stifled innovation and driven firms offshore and away from the Australian market.

The draft legislation, unveiled by Assistant Treasurer Daniel Mulino, proposes to formally introduce “digital asset platforms” and “tokenised custody platforms” as financial products under the Corporations Act, bringing them under ASIC’s oversight. We see this a positive step forward, as the greater level of oversight will create accountability for firms operating in the Australian market, with significant penalties for non-compliance. Importantly, smaller platforms with limited activity will be exempt, ensuring that the regulatory burden is proportionate and does not stifle competition or innovation.

This approach not only supports reputable operators but also enhances consumer protections, fostering sustainable, long-term growth for the industry. By leveraging tried and tested regulatory measures from overseas, such as the UK’s FCA principles and Europe’s MiCA regime, the framework ensures that digital assets are integrated into portfolios with the same oversight and protection as traditional financial products. This provides advisers, fund managers and institutional investors with greater confidence to invest, which is likely to accelerate the growth of cryptocurrency as a mainstream asset class in Australia.

The draft bill addresses uncertainty by setting targeted rules for key activities, and the consultation period allows for further refinement based on real-world feedback. This plays a key role in encouraging overseas investment here in Australia.

Overall, Treasury’s draft digital asset legislation is a turning point for Australia. It protects consumers without imposing excessive red tape, supports innovation and positions Australia as a leader in the global digital asset ecosystem.

By Vakul Talwar, General Manager

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Vakul Talwar

With Federal Parliament having largely been in campaign mode for the majority of the calendar year and with the election result now confirmed, it is important that our politicians now turn their attention to drafting fit-for-purpose crypto legislation.

Prior to the election, it was positive to see the Federal Albanese Government commit to providing regulatory clarity for crypto assets in Australia and doing so through the existing AFSL regulatory framework, if re-elected. Crypto.com has long been an advocate for this and supported the Government in their opposition to ASIC’s proposed Info Sheet 225, which sought crypto exchanges to hold an impractical market operating license.

During the campaign, the opposition committed to have draft crypto legislation within the first 100 days of taking office and we encourage the new government to match this commitment and timeline. We also look forward to working with the incoming minister responsible for cryptocurrency, to ensure that this legislation meets the needs of both consumers and the industry.

With former Shadow Minister for Financial Services, Luke Howarth MP, now exiting the Parliament, it is important that the Coalition have a strong advocate for crypto reform in this role, to ensure that we can progress legislation in a bi-partisan manner.

There has been a clear shift in momentum towards regulating crypto in Australia from all sides of politics and we believe this will continue in the new Parliament. It is fundamental that we make strong inroads into developing fit for purpose legislation by year end, as a failure to do so risks Australia losing out on foreign investment and innovation moving to other jurisdictions that offer more clarity.

By Vakul Talwar, Head of Australia 

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Currently, only two companies in Australia have a market operating licence and it took years to obtain and millions of dollars to do so. Crypto.com has long been an advocate for building off of the existing AFSL regime rather than forcing firms to obtain a market operating licence, and we are pleased to now see that the Federal Government supports this vision as well.

We understand and welcome that the Federal Government will work with ASIC and stakeholders across the industry to develop draft legislation later this year that prioritises both consumer protection and innovation. It is fundamental that we make strong inroads into developing fit for purpose legislation by year end, as a failure to do so risks Australia losing out on foreign investment and innovation moving to other jurisdictions that offer more clarity in crypto regulation.

In addition to harnessing the AFSL regime, the draft legislation can build off the learnings and successes of jurisdictions already making great progress in crypto regulation – UAE, Singapore and the EU for example, as well as the U.S., which has recently passed its Financial Innovation and Technology for the 21st Century (FIT21) Act, a bipartisan initiative described as a pivotal moment for the digital asset ecosystem.

Last week, more than 70 global crypto leaders descended on Sydney for Policy Week – a nod to the motivation from the industry for clarity and regulatory support. A clear take away from Policy Week was that international leaders are seeking to bring the best and most effective policies to Australia – building off successful frameworks that are tried and tested. This approach will fast-track our path to regulation, by enabling us to incorporate compliance and governance frameworks that work.

By Vakul Talwar, Head of Australia at Crypto.com

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Gillon Mclachlan

The AFL is pleased to announce a landmark five-year partnership with Crypto.com as a major partner of both the Toyota AFL Premiership Season and NAB AFLW competitions.

The new partnership will see Crypto.com become the Official Cryptocurrency Exchange and Official Cryptocurrency Trading Platform of AFL and AFLW.

The world’s fastest-growing cryptocurrency platform will also feature as the exclusive naming rights partner of the ‘Crypto.com AFL Score Review’ for all Toyota AFL Premiership Season and Final Series matches.

The agreement sees the AFL become the first Australian sports league Crypto.com has partnered with, while AFLW will become the first elite women’s sports competition Crypto.com has sponsored world-wide.

The AFL joins some of the biggest sports and entertainment brands in the world to partner with Crypto.com, including Formula 1, UFC, Paris Saint-Germain Football Club, Philadelphia 76ers (NBA), Montreal Canadiens (NHL), esports team Fnatic, Lega Serie A, Twitch Rivals and most recently renaming the AEG-owned and operated Staples Center to Crypto.com Arena.

AFL chief executive Gillon McLachlan said the partnership marked an exciting new chapter for Australian Football.

“Cryptocurrency and blockchain technology is a dynamic and emerging industry, and the AFL is delighted to partner with Crypto.com to be at the forefront of the industry’s growth in Australia,” Mr. McLachlan said.

AFL Executive General Manager Customer and Commercial Kylie Rogers said the AFL was proud to partner with a global leader.

“Crypto.com has partnered with a number of elite sporting codes across the world and the AFL is proud to be the first Australian sports league and elite women’s competition globally to work alongside an organisation that shares our passion to progress the future of elite sport and technology,” Ms. Rogers said.

“The new partnership marks one of the most significant corporate partner deals since the COVID-19 pandemic, which will help strengthen our industry as we continue to recover and rebuild key growth areas our game.

“The growth of blockchain technology, services and cryptocurrency products available provide a range of exciting opportunities and we look forward to partnering with Crypto.com to drive innovation throughout the sports industry.”

Crypto.com Co-Founder and CEO, Kris Marszalek said the new partnership was a great opportunity to expand cryptocurrency in an already strong market.

“We are committed to investing in Australia, a key market and leader in cryptocurrency adoption contributing to our rapid growth of over 10 million users globally. The AFL and AFLW are perfect platforms to associate ourselves with Australian sports and culture. It is by far the most popular spectator sport in the country that has been played for over 150 years, a rich history that uniquely brings Australians together in a way that we are truly inspired by,” Mr. Marszalek said.

Crypto.com General Manager Asia & Pacific, Karl Mohan said the new partnership would resonate with all footy fans.

“Our latest consumer research^[1] in Australia found that more than half (53%) of crypto investors were females. It is very encouraging to see that Australians from all walks of life, irrespective of gender or background, are very keen to adopt cryptocurrencies, and we’re excited about being their go-to platform.

“The AFL has led the way to bring gender diversity to Australian sport and we believe this partnership will resonate well with all footy fans across the country,” Mr. Mohan said.

“We couldn’t be happier with the timing of this partnership at a moment when more Australians are engaging with cryptocurrency and the Australian Government is taking steps to put necessary regulations in place to protect consumers while fostering innovation.”

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[1] Australians Set to Have a Crypto-centric Christmas This Year

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