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

The post Australia embarks on a new era for crypto, as proposed legislation hits the floor of Parliament appeared first on AdviserVoice.

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

The post Treasury’s draft digital asset legislation – a pragmatic step forward for Australia’s crypto sector appeared first on AdviserVoice.

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

The post Crypto.com welcomes Federal Government’s plan to regulate crypto appeared first on AdviserVoice.