A new proposal was brought before Australia’s Parliament on November 26 that sets out to impose financial regulation on cryptocurrency operators.
Assistant Treasurer Daniel Mulino submitted the Corporations Amendment (Digital Assets Framework) Bill 2025, which requires crypto exchanges and digital asset custody services to obtain an Australian Financial Services Licence (AFSL) under the Corporations Act.
This change means these businesses will be overseen primarily by the Australian Securities and Investments Commission (ASIC) rather than being registered solely with AUSTRAC.
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The proposed legislation adds two new types of finance products: “digital asset platform” and “tokenised custody platform”. Any business falling under these classifications would need to comply with new Australian licensing rules, including requirements for settling client funds, handling transactions, and managing assets.
Smaller providers can continue without a licence, provided they process under A$10 million in total transactions per year, or if crypto activity is only a minor part of their main business.
The new law provides an 18-month transition period so that qualifying businesses have time to adapt to the stricter regulatory system.
The bill is expected to advance in the lower house of Parliament because Prime Minister Anthony Albanese and the Labor Party have the majority. The proposal must secure enough support in the Senate to become law.
Recently, India’s Reserve Bank of India (RBI) announced plans to introduce a policy plan for stablecoins in its Economic Survey 2025-2026. What did RBI Governor Sanjay Malhotra say? Read the full story.
