Australia advances bill to bring crypto under existing financial laws

Hon. Dr. Daniel Mulino MP, Assistant Treasurer and Minister for Financial Services, introduced a bill on November 26, aiming to bring crypto under existing Australian financial laws. The Corporations Amendment (Digital Assets Framework) Bill 2025 defines the core concepts around digital tokens, digital asset platforms, and tokenized custody platforms.

The bill implements the Aussie government’s commitment in the 2024-2025 budget to modernize the country’s crypto regulatory regime. In addition to defining core crypto concepts, it also introduces amendments to the application of financial services law in a manner tailored to these digital asset platforms. The bill will also provide exemptions for specific crypto assets and grant both the Minister and ASIC the power to regulate these platforms.  

Dr. Mulino urged that the bill get a second reading in the House, emphasizing that crypto assets are transforming financial markets. He also pointed out that the way people hold and exchange value is also changing across the world. 

Dr. Mulino says Australia must keep pace

Dr. Mulino noted that blockchain technology and tokenization are unlocking new ways to invest, trade, and move wealth. The Assistant Treasurer stressed that Australia must keep pace, adding that the country stands to attract investments and create jobs if it gets it right. He also pointed out that these digital asset platforms promise faster settlement, lower costs, and access to markets that were otherwise unreachable.

To reinforce his argument, the Financial Services Minister further mentioned that global institutions are currently experimenting with tokenized securities and central banks are exploring crypto. He also pointed out that investors are now demanding safe and regulated ways to participate in the crypto space. 

However, Dr. Mulino warned that these crypto opportunities also come with risks. He noted that some crypto businesses hold a large amount of client digital assets without the required licensing or security. Dr. Mulino referred to the collapse of FTX and other similar failures, in which billions were misappropriated. He stated that crypto remains a popular vehicle for scams and fraud, a fact that can no longer be ignored.

Hon. Dr. Daniel Mulino MP stated that this bill addresses these challenges by removing loopholes and ensuring that current financial laws are tailored to the digital asset ecosystem. The bill focuses on the potential source of risks, which is the businesses that hold large amounts of digital assets for clients, rather than the blockchain technology itself. 

Meanwhile, Dr. Mulino further pointed out that the bill can evolve as new types of digital services and tokenization emerge. He added that the bill is about future-proofing the country’s regulatory setting, as well as supporting innovation and competition. The Assistant Treasurer believes the bill will also give regulators the tools to act immediately when risks arise.

Corporations Act amendment creates two new financial products 

Proposed amendments to the Corporations Act will introduce two new financial products: a tokenized custody platform and a digital asset platform. Both will be required to have an Australian Financial Services License (AFSL), which will register the two platforms with the Australian Securities and Investments Commission (ASIC). Currently, only exchanges that sell derivatives among other financial products are required to register. 

Meanwhile, Dr. Mulino noted that this is another crucial step to make the Australian economy more dynamic, productive, and resilient. He added that the move advances the country’s commitment to smarter regulation, which will hopefully encourage more investment to flow more efficiently and effectively across the economy.

The Assistant Treasurer also observed that these reforms will increase integrity in Australia’s digital asset ecosystem. He pointed out that crypto businesses will be subject to the same licensing and consumer protection requirements that apply across the country’s financial system.

Dr. Mulino also noted that anyone providing cryptoservices related to either tokenized custody or digital asset platforms will be treated as a financial service under the bill and will be required to hold an AFSL.

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