The Australian Senate Economics Legislation Committee has endorsed the Corporations Amendment (Digital Assets Framework) Bill 2025, paving the way for comprehensive regulation of crypto platforms and tokenized custody services.
Under the proposed rules, digital-asset platforms and custody providers would be classified as financial products, requiring an Australian Financial Services Licence (AFSL). Operators must comply with asset-safeguarding standards and disclosure rules when onboarding retail clients.
The framework aims to close regulatory gaps that currently allow firms to hold large client digital assets without traditional finance safeguards. A six-month transition period will apply for non-compliant providers.
Industry leaders, including OKX Australia CEO Kate Cooper, welcomed the move, citing potential economic gains of up to $24 billion annually from digital-finance innovation.