Overview
- The Senate Economics Legislation Committee’s report published Monday recommends the Corporations Amendment (Digital Assets Framework) Bill 2025 proceed.
- The bill would amend the Corporations Act 2001 and the ASIC Act 2001 to impose licensing, asset‑safeguarding and disclosure duties on firms that hold client tokens.
- Digital‑asset and tokenized custody platforms would generally need an Australian Financial Services Licence, with a six‑month window to comply if the law takes effect.
- The framework targets intermediaries that control customer assets rather than blockchain technology itself, with some stakeholders warning the definitions could capture wallet or infrastructure providers as the committee opts to refine scope via regulation.
- Industry groups welcomed regulatory clarity, with OKX Australia’s Kate Cooper pointing to potential economic gains, as AUSTRAC registration requirements remain in place and the bill moves to later parliamentary stages.