The Albanese Government has introduced new legislation to the Parliament to help unlock innovation and protect Australians investing in digital assets.
Millions of Australians are using or investing in digital assets every year and this is about making that as safe and secure as possible, while also encouraging innovation.
We take Australia's crypto industry seriously and we know that blockchain and digital assets present big opportunities for our economy, our financial sector and our businesses.
Digital assets are reshaping global finance and include cryptocurrencies such as Bitcoin and stablecoins, as well as real‑world assets - like bonds, property and commodities - represented as digital tokens.
These innovations promise faster payments, lower costs and broader access to markets.
New research from the Digital Finance Cooperative Research Centre indicates Australia could capture as much as $24 billion a year in productivity and cost savings thanks to unlocking digital finance innovation.
This legislation will help us realise those benefits while also reducing risks to Australians.
Currently, businesses can hold unlimited client digital assets without financial law safeguards. Recent collapses overseas have shown the consequences of inadequate oversight.
The new legislation introduced today closes those gaps.
The Corporations Amendment (Digital Assets Framework) Bill 2025 introduces clear, enforceable rules for businesses that hold digital assets on behalf of consumers, ensuring they meet the same standards of transparency, integrity and consumer protection that apply across the financial system.
The Bill introduces two new types of financial products - digital asset platforms and tokenised custody platforms. These platforms will now need to hold an Australian Financial Services Licence, ensuring they are subject to core obligations including:
- The requirement to act efficiently, honestly and fairly
- Prohibitions on misleading and deceptive conduct and unfair contract terms
- A requirement to give customers clear information about how assets are held and what their rights are
- Maintaining strong governance and risk controls
- Providing accessible dispute resolution and compensation if things go wrong.
While digital asset platforms and tokenised custody platforms will be regulated under the existing AFSL framework, their obligations will be tailored to reflect the unique structure and risk profile of these types of platforms.
Smaller, low‑risk platforms - those holding less than $5,000 per customer and facilitating less than $10 million in transactions per year - will be exempt, consistent with the approach for other financial products like non‑cash payment facilities.
These reforms strengthen consumer protections and modernise Australia's regulatory system.
They will boost confidence, attract investment and support jobs by providing trusted rules for emerging digital markets.
Labor's economic plan is all about modernising Australia's economy to boost wages and growth and increase living standards and this legislation is an important part of that strategy.
