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Thursday Nov 27 2025 06:10
2 min
In a significant move toward regulating the cryptocurrency market, the Australian government has introduced the Corporations Amendment (Digital Assets Framework) Bill 2025. This bill seeks to bring crypto platforms under the purview of existing financial services laws, following industry consultations that revealed cautious support for the legislation.
Key Highlights of the Bill:
Assistant Treasurer Daniel Mulino stated that the bill addresses loopholes in current laws, allowing companies to hold unlimited amounts of client crypto without adequate legal safeguards. He emphasized the risks of scams and frauds, referencing the FTX case.
The legislation focuses on companies that hold crypto for customers, rather than the underlying technology. This approach aims to allow the law to evolve alongside emerging forms of tokenization and digital services. Currently, crypto platforms that merely facilitate trading only need to register with the Australian Transaction Reports and Analysis Centre.
The bill introduces two new financial products: a "digital asset platform" and a "tokenized custody platform," both requiring an AFSL. Mulino clarified that anyone "advising on, dealing in, or arranging for others to deal in" crypto will be treated as providing a financial service necessitating a license.
Crypto and custody platforms must meet ASIC's minimum standards for transactions, settlements, and the holding of customer assets. They must also provide clients with a guide explaining their services, fees, and associated risks. The bill includes an 18-month grace period for licensing, offering "relief for businesses trying to do the right thing."
The bill is expected to pass quickly in the House, where Prime Minister Anthony Albanese's Labor Party holds a 94-seat majority. It will then proceed to the Senate, where Labor may need the support of crossbenchers and the opposition for its passage.
Risk Warning: This article is provided for informational purposes only and does not constitute investment advice, investment research, or a recommendation to trade. The views expressed are those of the author and do not necessarily reflect the position of Markets.com. When considering shares, indices, forex (foreign exchange), and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and may not be suitable for all investors. Leveraged products can result in capital loss. Past performance is not indicative of future results. Before trading, ensure you fully understand the risks involved and consider your investment objectives and level of experience. Cryptocurrency CFD trading restrictions may apply depending on jurisdiction.
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