Australia Senate Panel Backs New Crypto Framework Bill

The Corporations Amendment (Digital Assets Framework) Bill 2025 cleared a major hurdle this week after Australia's Senate Economics Legislation Committee endorsed the proposal, putting the country's first comprehensive crypto licensing regime one step closer to law. Published on Sunday, the bill would pull digital-asset platforms and tokenized custody services inside the financial-services rules already governing traditional investment products.

What the Bill Actually Does

Strip away the parliamentary language and the logic is simple: any business that holds or manages digital tokens on behalf of clients would need an Australian Financial Services Licence under amendments to the Corporations Act and ASIC Act. That means asset-safeguarding standards, proper retail disclosure, and no more operating in the grey zone that lets platforms hold large amounts of customer assets without the protections traditional finance requires.

The legislation defines "digital tokens," "digital asset platforms," and "tokenized custody platforms" — targeting intermediaries that deal with customer assets rather than regulating blockchain itself. That design choice gives the framework a better chance of holding up as the technology evolves.

The $24 Billion Number Nobody Is Discussing

Here's what the headlines are burying: this isn't only a compliance story. Kate Cooper, CEO of OKX Australia, told reporters that clearer rules could underpin real economic gains. Research from the Digital Finance Cooperative Research Centre and the Digital Economy Council of Australia puts the figure at up to $24 billion a year — about 1% of GDP — if digital-finance innovation is properly unlocked.

Legislative clarity could be the foundation for a significant increase in Australia's productivity standards.

Does the Six-Month Window Change Anything for Operators?

If you're running a crypto platform in Australia right now, this is the detail that matters most. The bill includes a six-month transition period for providers without an existing AFSL — giving grey-zone operators a runway to get licensed rather than hit a compliance cliff on day one. Whether six months is realistic for a full AFSL application is a fair question; ASIC licensing is neither fast nor cheap.

The Senate Economics Legislation Committee's report framed the bill as a modernization of digital-asset oversight for an industry growing fast but unevenly regulated. Industry groups broadly welcomed the direction. The bill now moves through remaining parliamentary stages before any final vote.