An Australian Senate committee has recommended passing a new digital asset bill that would bring crypto platforms and custody services under the country’s financial services regime. The proposed framework would require operators to obtain an Australian Financial Services Licence and introduces a six-month transition period, aiming to modernize oversight and close consumer protection gaps.
An Australian Senate committee has backed legislation to bring digital asset platforms and custody services under the nation’s financial services regime. The committee stated the bill would modernize oversight of the rapidly expanding industry.
The proposed Corporations Amendment (Digital Assets Framework) Bill 2025 would amend existing laws to create a licensing regime for businesses holding client tokens. Operators would generally need an Australian Financial Services Licence and face new safeguarding and disclosure requirements.
Lawmakers said the changes aim to close regulatory gaps currently allowing businesses to hold client assets without traditional finance safeguards. The legislation defines core concepts like “digital tokens” and “digital asset platforms” to regulate intermediaries under existing law.
If enacted, providers without a licence would have a six-month transition period after the rules begin. Industry groups broadly welcomed the move toward regulatory clarity.
Kate Cooper, CEO of OKX Australia, told Decrypt that “Legislative clarity could be the foundation for a significant increase in Australia’s productivity standards.” She cited research estimating digital-finance innovation could add up to $24 billion annually to the economy.
Cooper added that platforms support stronger customer asset safeguards while letting businesses access global blockchain technology within a regulated framework. The bill will now proceed through the next stages of the parliamentary process.
