Proving a defence
Some offences could require an accused person to prove part of their own defence, which critics said could make it harder to avoid conviction.
Corporations Amendment (Digital Assets Framework)
Current status
This bill became law on Apr 8th, 2026.
Policy area
Budget, tax & economy
What does this bill do?
The bill brings crypto exchanges and similar services under Australia’s financial services rules when they hold or deal with customers’ digital assets.
Why was it introduced?
A long delay left Australia with regulatory uncertainty and loopholes around digital asset platforms and custody services. The bill defines digital token, digital asset platform and tokenised custody platform, and applies AFSL-style obligations so comparable services face comparable rules.
Broader context
Treasury had already released an exposure draft in September 2025 to bring digital asset and tokenised custody platforms into the financial services regime and seek feedback on the design. After that consultation, the government introduced this bill in November 2025 to close the gaps by defining the new platform types and extending AFSL-style obligations to them.
Key criticism
The main concern was that parts of the bill were not fully settled. Critics warned that some offences might make an accused person prove part of their own defence, and said the draft still left uncertainty about ASICAustralian Securities and Investments Commission, which regulates companies and financial services in Australia.’s role and other practical safeguards. Most criticism was about how the bill was written and how it would work, not about the goal of regulating digital assets.
Who supported it?
The Labor government introduced this bill. It passed on the voices.
Introduced in House 26 Nov 2025
Passed House 04 Feb 2026
Passed Senate 01 Apr 2026
Became law 08 Apr 2026
Did it become law?
Yes
Became law 08 Apr 2026
Final passage
Passed without a counted vote
Members called out ‘aye’ or ‘no’ — no individual votes were recorded.
Passage speed
126 days
From introduction to the latest recorded parliamentary step
Meaning
What does this bill do?
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The bill brings crypto exchanges and similar services under Australia’s financial services rules when they hold or deal with customers’ digital assets. It also covers services that hold tokenised assets for customers, meaning assets recorded as digital tokens.
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People who advise on, arrange, or provide these services will usually need an Australian financial services licence. The bill uses the existing licensing system instead of creating a separate one.
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Operators must meet ASICAustralian Securities and Investments Commission, which regulates companies and financial services in Australia. standards for storing customer assets and handling transfers and settlements. They must also give customers a guide that explains how the service works, including fees, risks, rights, and how assets are held and moved.
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A business is not covered just because it provides technology that helps another operator control digital tokens. It is only covered if it actually holds the tokens for someone else, not if it only supplies tools or part of a shared-key system.
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Small operators do not need a licence if their transaction value stays below $10 million over a rolling 12 months. A business is also exempt if dealing in or advising on digital assets is only a minor part of its main non-financial business.
Show source excerpts
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Two new types of financial products will be introduced into the Corporations Act: digital asset platforms and tokenised custody platforms. This ensures that businesses holding and dealing in client digital assets are subject to the same consumer protections and licensing requirements that apply across the financial system.
Mulino, Daniel MP second reading speech -
Anyone providing services in relation to digital asset or tokenised custody platforms—such as advising on, dealing in, or arranging for others to deal in them—will be treated as providing a financial service. They will therefore need to hold an Australian financial services licence, as other financial service providers do. Using the existing licensing framework avoids the need for a new regime, reducing complexity and compliance costs for businesses.
Mulino, Daniel MP second reading speech -
Operators will be required to meet minimum standards set by ASIC covering how client assets are held and how transactions and settlements are conducted. Operators must also provide a platform guide to clients, explaining how the service works, including custody and transfer arrangements, fees and charges, key risks, and client rights. It replaces the need for multiple product disclosure documents and ensures transparency for investors.
Mulino, Daniel MP second reading speech -
As noted above, merely possessing digital tokens is not sufficient to enliven the digital asset platform definition — the digital tokens must be possessed for or on behalf of another person. Whether a person possesses digital tokens for or on behalf of another person depends on, among other things, the legal nature of the arrangement. For example, the definition is not intended to extend to arrangements which merely involve the provision of technology and services required to factually control digital tokens to a digital asset platform operator by a third-party service provider. This includes where, under the arrangement, the third-party service provider jointly possesses digital tokens with the operator (whether or not there are also other parties to such an arrangement), such as by holding a private key shard under a multi-party computation arrangement, in the third-party service provider’s capacity as a mere technology service provider.
Explanatory memorandum -
The bill also delivers proportionate regulation, providing targeted exemptions to avoid regulatory duplication. Small-scale operators with less than $10 million in transaction value across a rolling 12-month period will be exempt from licensing, as will businesses that deal in or advise on platforms only incidental to their main, non-financial activities.
Mulino, Daniel MP second reading speech
Context
Broader context for this bill
Treasury had already released an exposure draft in September 2025 to bring digital asset and tokenised custody platforms into the financial services regime and seek feedback on the design. After that consultation, the government introduced this bill in November 2025 to close the gaps by defining the new platform types and extending AFSL-style obligations to them.
- 25 Sept 2025
Exposure draft released for digital asset platforms
Treasury released draft legislation to bring digital asset and tokenised custody platforms into the financial services regime and invited consultation.
Gilbert + Tobin ↗ - 26 Nov 2025
Digital assets framework bill introduced
The government introduced the bill to define the new platform types and apply AFSL-style obligations to operators.
Parliament of Australia ↗ - 02 Feb 2026
Bills Digest flags regulatory gaps
Parliamentary Library said the bill would close regulatory gaps and impose tailored holding and disclosure standards on businesses holding consumer digital assets.
Parliament of Australia ↗ - 04 Feb 2026
Second reading agreed
The chamber agreed to the bill in principle and let it continue through Parliament.
Parliamentary timeline ↗ - 01 Apr 2026
Parliament passes digital assets bill
Both houses passed the bill, clearing the way for royal assent and a 12-month start period.
Gilbert + Tobin ↗
Legislative route
How did it move through Parliament?
House Senate
Introduced 26 Nov 2025
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
Second reading opened 26 Nov 2025
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
Second reading debate 03 Feb 2026
Members debated the bill in principle before the chamber decided whether to keep considering it.
Sent to Federation ChamberA secondary House forum where bills can be debated before returning to the House. for debate 03 Feb 2026
The House sent the bill to the Federation ChamberA secondary House forum where bills can be debated before returning to the House. so debate could continue in that parallel forum before reporting back to the House.
Referred to Federation ChamberA secondary House forum where bills can be debated before returning to the House.
Second reading debate 04 Feb 2026
Members debated the bill in principle before the chamber decided whether to keep considering it.
Returned from Federation ChamberA secondary House forum where bills can be debated before returning to the House. 04 Feb 2026
The Federation ChamberA secondary House forum where bills can be debated before returning to the House. finished its work on the bill and reported it back to the House for the next formal step.
Reported from Federation ChamberA secondary House forum where bills can be debated before returning to the House.
House second reading agreed 04 Feb 2026
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
Second reading agreed to
House third reading agreed 04 Feb 2026
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Third reading agreed to
Scrutiny of Bills review: raised delegated-legislation concerns 04 Feb 2026
It questioned whether the bill affected personal rights and liberties and whether it gave too much power to change or exempt parts of the law later through regulations. It asked the minister to respond.
Considered in published report
Report 1 of 2026Introduced 05 Feb 2026
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
Second reading opened 05 Feb 2026
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
Economics report 16 Mar 2026
It examined submissions on how the new digital asset rules would work. It broadly supported updating the law, but said careful attention was needed to who is treated as controlling assets, the standards for holding and settling assets, protections for client money, and how the new regime fits with existing financial services law.
Referred; report published
Committee report (16 Mar 2026)Senate second reading agreed 01 Apr 2026
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
Second reading agreed to
Senate third reading agreed 01 Apr 2026
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Third reading agreed to
Key criticism
The main case against this bill
The main concern was that parts of the bill were not fully settled. Critics warned that some offences might make an accused person prove part of their own defence, and said the draft still left uncertainty about ASICAustralian Securities and Investments Commission, which regulates companies and financial services in Australia.’s role and other practical safeguards. Most criticism was about how the bill was written and how it would work, not about the goal of regulating digital assets.
Most critics supported the overall aim but wanted clearer drafting, stronger safeguards, and a later review.
ASIC’s role
Critics said the draft needed more work on ASICAustralian Securities and Investments Commission, which regulates companies and financial services in Australia.’s role, so the regulator’s powers and responsibilities would be clearer in practice.
Bill too narrow
Some supporters said the bill still did not deal with wider issues such as banks cutting off services, stablecoins, tokenisation, or an overall digital asset strategy.
Two-year review
An opposition amendment called for a review after two years, reflecting concern that the new rules might need checking once they had started.
Further sources
Votes
Recorded votes
How the bill itself passed
The bill passed both chambers on the voices, so there is no list of individual Aye and No votes for final passage.
Passed House passed the bill
House agreed to the bill's third reading on the voices, so there is no list of individual Aye and No votes for final passage in that chamber.
Passed
House passed the bill
Passed on the voices
In a voice vote, members call out Aye or No and the presiding officer judges which side has it. Individual names are only recorded if a formal division is called.
Passed Senate passed the bill
Senate agreed to the bill's third reading on the voices, so there is no list of individual Aye and No votes for final passage in that chamber.
Passed
Senate passed the bill
Passed on the voices
In a voice vote, members call out Aye or No and the presiding officer judges which side has it. Individual names are only recorded if a formal division is called.
Parliamentary debate
Who spoke, and what they said
Start here — lead voices
Sponsor speech Supports
Daniel Mulino
Mulino argues the bill will modernise financial regulation for digital assets by bringing digital asset and tokenised custody platforms into the Corporations Act, applying licensing and consumer protection rules, and giving ASICAustralian Securities and Investments Commission, which regulates companies and financial services in Australia. and the minister flexible powers to manage emerging risks.
Read in Hansard ↗ Lead supporting voice Supports
Simon Kennedy
Kennedy supports the bill as an overdue and sensible step that provides legal clarity for digital assets and better integrates the sector into Australia’s financial regulatory system.
Read in Hansard ↗ Lead non-major voice Supports
Allegra Spender
Allegra Spender clearly supports the bill, arguing it will bring much-needed regulatory clarity and consumer protection to digital asset platforms while helping innovation and growth in Australia’s digital assets sector.
Read in Hansard ↗ Lead voice Supports
Alice Jordan-Baird
The speaker supports the bill, arguing it will bring digital asset platforms and tokenised custody platforms into Australia’s financial services framework to improve consumer protection, accountability and licensing.
Read in Hansard ↗All speeches by bloc
Labor
8 speakers · 9 contributions · 7 support · 1 unclear
Labor
8 speakers · 9 contributions · 7 support · 1 unclear
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Jordan-Baird ★ The speaker supports the bill, arguing it will bring digital asset platforms and tokenised custody platforms into Australia’s financial services framework to improve consumer protection, accountability and licensing.
“I rise to speak in support of the Corporations Amendment (Digital Assets Framework) Bill 2025, brought forward by the Minister for Financial Services, and I commend him for doing so.”
Read the full speech in Hansard ↗ -
French Tom French supports the bill, arguing it will create a clear and proportionate regulatory framework for digital asset platforms that strengthens consumer protection, regulatory certainty and market integrity while supporting responsible innovation.
“Mr FRENCH (Moore) (16:11): I rise to support the Corporations Amendment (Digital Assets Framework) Bill 2025. This is a significant piece of legislation. It's not flashy and it doesn't chase headlines, but it does something far more important. It brings clarity, accountability and confidence to a part of our economy that has grown rapidly, often noisily and, until now, too often without the protections Australians rightly expect.”
Read the full speech in Hansard ↗ -
Holzberger Holzberger supports the bill as a careful, broadly supported framework to regulate digital asset platforms, protect consumers, and give industry clearer rules while allowing innovation.
“This digital asset bill addresses all of these risks. It requires digital asset platforms to hold proper licences to segregate customer assets to meet minimum custody standards so that Australians can innovate and invest in crypto without gambling their savings. Digital assets are no longer a fringe curiosity, and so I recommend and support this bill.”
Read the full speech in Hansard ↗ -
Campbell Campbell argues the bill will bring digital asset platforms and tokenised custody platforms into Australia’s existing financial services framework, giving consumers stronger protections while providing industry with clearer, globally aligned rules.
“Technology moves fast—we know that—and regulation needs to keep up. This bill gives us the tools to do that without needing to come back to this parliament every time technology changes. This adaptive approach lets us safeguard consumers without crushing innovation, positioning Australia to set the pace in digital finance, not to chase it. The government backs innovation, but innovation without protection is a recipe for disaster. This bill gets the balance right.”
Read the full speech in Hansard ↗ -
Jarrett Jarrett argues the bill will modernise regulation of digital assets by bringing platforms and tokenised custody services under clear licensing, consumer protection and enforcement rules, while still supporting innovation and investment.
“This bill is good for consumers, it's good for businesses, it's good for the economy and it's good for Australia's reputation as a leader in financial regulation and financial services. I support this bill.”
Read the full speech in Hansard ↗ -
Ayres Ayres supports the bill as a modernisation of financial regulation for digital assets, arguing it will close loopholes, protect consumers, regulate custody and platform operators through existing financial services laws, and provide clearer rules to support innovation and investment.
“This Bill responds to those challenges by reducing loopholes and ensuring comparable activities face comparable obligations, tailored to the digital asset ecosystem. It focuses on the potential source of risk: the businesses that hold digital assets on behalf of consumers, rather than the underlying technology itself. This means it can evolve as new forms of tokenisation and digital services emerge.”
Read the full speech in Hansard ↗ -
Mulino ★ 2 contributions Mulino argues the bill will modernise financial regulation for digital assets by bringing digital asset and tokenised custody platforms into the Corporations Act, applying licensing and consumer protection rules, and giving ASICAustralian Securities and Investments Commission, which regulates companies and financial services in Australia. and the minister flexible powers to manage emerging risks.
Hansard records 2 separate contributions by Mulino on this bill. They are grouped here so the speaker is listed once.
BILLS - Corporations Amendment (Digital Assets Framework) Bill 2025 - Second Reading
Mulino argues the bill will modernise financial regulation for digital assets by bringing digital asset and tokenised custody platforms into the Corporations Act, applying licensing and consumer protection rules, and giving ASICAustralian Securities and Investments Commission, which regulates companies and financial services in Australia. and the minister flexible powers to manage emerging risks. He says the framework will close regulatory gaps exposed by failures like FTX while supporting innovation, investment and confidence in Australia's digital asset markets.
“This bill delivers on the government's commitment to modernise Australia's financial regulatory framework and prepare it for an ever-digitising economy. It ensures digital asset and tokenised custody platforms are subject to the same standards of consumer protection, transparency and integrity that apply across our financial system.”
Read this contribution in Hansard ↗Federation Chamber - BILLS - Corporations Amendment (Digital Assets Framework) Bill 2025 - Second Reading
The speaker argues that the bill will regulate digital asset and tokenised custody platforms within Australia's existing financial services framework to manage consumer risks while supporting innovation. He says it will strengthen trust in the financial system, protect consumers and help position Australia as a leader in responsible digital finance.
“Ultimately, this bill strengthens trust in Australia's financial system. It protects consumers, supports innovation and helps secure Australia's position as a leader in responsible digital finance. It forms part of the government's broader agenda to lift integrity across the financial system, including reforms to scam prevention and anti-money-laundering laws. I commend this bill to the House.”
Read this contribution in Hansard ↗ -
Burke Tony Burke makes a procedural statement that this bill, along with other bills, will stand referred to the Federation ChamberA secondary House forum where bills can be debated before returning to the House. for further consideration after adjournment of the second reading debate.
“Mr BURKE (Watson—Minister for the Arts, Minister for Home Affairs, Minister for Cyber Security, Minister for Immigration and Citizenship and Leader of the House) (12:32): I declare that, unless otherwise ordered, the Copyright Amendment Bill 2025, Veterans' Affairs Legislation Amendment (Miscellaneous Measures No. 2) Bill 2025 and Corporations Amendment (Digital Assets Framework Bill) 2025 stand referred to the Federation Chamber for further consideration at the adjournment of debate on the motion for the second reading of each bill.”
Read the full speech in Hansard ↗
Coalition
3 speakers · 1 support · 2 mixed
Coalition
3 speakers · 1 support · 2 mixed
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Kennedy ★ Kennedy supports the bill as an overdue and sensible step that provides legal clarity for digital assets and better integrates the sector into Australia’s financial regulatory system.
“That's why the Corporations Amendment (Digital Assets Framework) Bill 2025 is a welcome step. It provides legal clarity where uncertainty has long hindered development and frustrated industry. It also highlights something else: just how long this reform has taken and how much ground Australia has lost in what is a race. It is a global race, and Australia is slipping behind.”
Read the full speech in Hansard ↗ -
Aldred Aldred says the opposition will not oppose the bill in the House but will not support it without further scrutiny, arguing it retrospectively validates unlawful ASICAustralian Securities and Investments Commission, which regulates companies and financial services in Australia. fee charges and raises serious issues of fairness, accountability and legislative drafting.
“The Liberal Party's position is clear. We will not oppose this bill in the House, but we will not support it without proper scrutiny. We will push for a Senate inquiry to examine the full scope of the mistake and ASIC's accountability. This is about fairness, integrity and consistency. It's about doing what is right, because Australians expect and deserve better. If small businesses are expected to comply with every letter of the law—and they are—then government and regulators must be held to the same standard.”
Read the full speech in Hansard ↗ -
Wilson Wilson welcomes creating a legal framework for cryptocurrencies and digital assets, saying the bill’s aim is worthwhile, but he argues the legislation is deficient as drafted and needs committee scrutiny and further work, especially given concerns about ASICAustralian Securities and Investments Commission, which regulates companies and financial services in Australia.’s role.
“We're supportive of the principle of this bill and what it's seeking to achieve. But the government, in their way, can't help but go off and refer things to different agencies like ASIC. As to ASIC and having oversight of ASIC, let's be polite and say that, at times, calamity follows and there's their complete incapacity or unwillingness to regulate certain sections of the market—let alone the absence of the knowledge, capacity or skill.”
Read the full speech in Hansard ↗
Greens
1 speaker · 1 support
Greens
1 speaker · 1 support
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Watson-Brown Watson-Brown says the Greens support the bill because current law leaves major regulatory gaps for digital assets, and she argues it will help provide stronger consumer protections and give ASICAustralian Securities and Investments Commission, which regulates companies and financial services in Australia. appropriate powers over digital asset platforms.
“Ms WATSON-BROWN (Ryan) (13:03): The Greens will be supporting the Corporations Amendment (Digital Assets Framework) Bill 2025 to regulate digital assets under Australia's financial services laws. Under the current laws, there are major gaps in the regulation of these digital assets. We must ensure strong consumer protections and fair regulations that align with other equivalent financial products. It's incredibly important that ASIC has the power to regulate these platforms and that our laws are tailored to actually apply to these new technologies.”
Read the full speech in Hansard ↗
Minor parties and independents
1 speaker · 1 support
Minor parties and independents
1 speaker · 1 support
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Spender ★ Allegra Spender clearly supports the bill, arguing it will bring much-needed regulatory clarity and consumer protection to digital asset platforms while helping innovation and growth in Australia’s digital assets sector.
“Industry stakeholders I've spoken with welcome the much-needed regulatory certainty this bill will give and interpret it as an important signal that the government is shifting its posture to being pro-industry and pro-innovation. Digital assets have the potential to become a valuable and innovative sector of the Australian economy, and I'm glad to see the groundwork laid for its continued growth. For these reasons, I support the bill.”
Read the full speech in Hansard ↗
Record
Full record
- Act title
- Corporations Amendment (Digital Assets Framework) Act 2026
- Act number
- Act No. 38, 2026
- Became law
- 08 Apr 2026
- Takes effect
- Introduction to passage
- 126 calendar days -- Introduced on 26 Nov 2025 and passed both Houses on 01 Apr 2026.
- Introduction to assent
- 133 calendar days -- Royal assent followed on 08 Apr 2026.
- Recorded divisions found
- 0 -- No directly attributable divisions have been extracted yet.
- Second reading chambers captured
- House of Representatives, Senate
- Same-day passage through both Houses
- No -- The bill cleared the House on 04 Feb 2026 and the Senate on 01 Apr 2026.
- 26 Nov 2025
House · Introduced and read a first time
Introduced
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
- 26 Nov 2025
House · Second reading moved
Second reading opened
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
- 03 Feb 2026
House · Second reading debate
Second reading debate
Members debated the bill in principle before the chamber decided whether to keep considering it.
- 03 Feb 2026
House · Referred to Federation Chamber
Referred to Federation ChamberA secondary House forum where bills can be debated before returning to the House.
The House sent the bill to the Federation ChamberA secondary House forum where bills can be debated before returning to the House. so debate could continue in that parallel forum before reporting back to the House.
- 04 Feb 2026
House · Second reading debate
Second reading debate
Members debated the bill in principle before the chamber decided whether to keep considering it.
- 04 Feb 2026
House · Reported from Federation Chamber
Reported from Federation ChamberA secondary House forum where bills can be debated before returning to the House.
The Federation ChamberA secondary House forum where bills can be debated before returning to the House. finished its work on the bill and reported it back to the House for the next formal step.
- 04 Feb 2026
House · Second reading agreed to
Second reading agreed
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
- 04 Feb 2026
House · Third reading agreed to
Third reading agreed
The chamber agreed to the bill at third reading, which completed passage through that chamber.
- 05 Feb 2026
Senate · Introduced and read a first time
Introduced
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
- 05 Feb 2026
Senate · Second reading moved
Second reading opened
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
- 01 Apr 2026
Senate · Second reading agreed to
Second reading agreed
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
- 01 Apr 2026
Senate · Third reading agreed to
Third reading agreed
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Senate Standing Committee for the Scrutiny of Bills
Considered in published report
It questioned whether the bill affected personal rights and liberties and whether it gave too much power to change or exempt parts of the law later through regulations. It asked the minister to respond.
Considered by scrutiny committee (4 Feb 2026): Senate Standing Committee for the Scrutiny of Bills; Report 1 of 2026
Report 1 of 2026Senate Economics Legislation Committee
Referred; report published
It examined submissions on how the new digital asset rules would work. It broadly supported updating the law, but said careful attention was needed to who is treated as controlling assets, the standards for holding and settling assets, protections for client money, and how the new regime fits with existing financial services law.
Referred to Committee (5 Feb 2026): Senate Economics Legislation Committee; Committee report (16 Mar 2026)
Committee report (16 Mar 2026)