Australia is preparing to overhaul its approach to digital assets through a new legislative package designed to protect consumers and avoid a repeat of some of the sector’s most damaging failures.
The government confirmed it has submitted the Corporations Amendment (Digital Assets Framework) Bill 2025 to parliament, setting the stage for the country’s first comprehensive framework governing crypto platforms, claims CoinDesk.
The bill aims to end years of uncertainty surrounding digital asset oversight in Australia. Regulators have struggled to respond to rapid innovation and the collapse of major offshore platforms, including FTX and Celsius, which together wiped out bn-level sums globally and left many Australians with limited avenues for recovery. Officials said the new rules will embed crypto and blockchain firms within the broader financial system and ensure they meet the same expectations around transparency, integrity and consumer protection that apply across traditional finance.
According to the Ministry of Financial Services, the reforms are expected to lay the groundwork for significant economic benefits. “Australia could capture up to $24 billion a year in productivity and cost savings thanks to unlocking digital finance innovation,” the ministry’s joint statement said. The government believes that clearer regulation will strengthen trust in digital finance and support long-term industry growth.
Under the proposed framework, crypto platforms that hold customer assets will need to secure an Australian Financial Services License. The licensing obligations will be tailored to reflect the operational risks and structural differences of digital asset businesses, ensuring firms are properly supervised without limiting innovation.
The bill also introduces proportional requirements based on the size and risk profile of a platform. Smaller providers that hold less than $5,000 per customer and manage under $10m in annual transactions will be exempt from the full regulatory burden. The ministry noted that this mirrors the approach taken in other areas of financial services, including non-cash payment facilities.
The legislation is expected to move through parliament in the coming months, marking a pivotal moment for the future of Australia’s digital economy.
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