Senators in Australia have endorsed a new licensing measure that will bring crypto trading platforms under the country’s major financial legislation. The Corporations Amendment (Digital Assets Framework) Bill 2025 has been recommended by a Senate committee to be passed by parliament. This bill sets up a formal system for exchanges and custody providers.
The bill would require “Digital Asset Platforms” and “Tokenized Custody Platforms” to hold an Australian Financial Services License, or AFSL. In practice, that means major crypto exchanges serving Australians would sit under the same core law that covers brokers and other investment platforms.
The Senate panel’s endorsement means the bill now moves closer to a final vote in both chambers. Lawmakers expect parliament to complete the process sometime in 2026, after committee feedback and possible amendments.
What Changes for Crypto Trading Platforms
The measure says that licensed digital asset platforms must follow rules for how they trade, settle transactions, and keep consumer assets safe. They also need to be explicit about fees, hazards, and how consumers’ assets are stored and used.
Not every operator will need a license. Small platforms handling less than 5,000 Australian dollars per customer and under $10 million in yearly transactions can qualify for an exemption. This carveout, according to lawmakers, aims to prevent excessive compliance costs from overwhelming very small or experimental services.
Timeline and Enforcement
The bill includes an 18‑month transition window so firms can apply for licenses and update their systems. Until June 30, 2026, the securities regulator ASIC has a “no‑action” stance for platforms that are actively working toward compliance.
Once the regime is live, companies that ignore the rules could face penalties of up to 10% of their annual turnover. Digital asset businesses will also need to register with AUSTRAC and run anti‑money‑laundering programs from March 31, 2026.
For Australian users, the new framework should mean clearer rights if a platform fails or mishandles assets. The government has argued that gaps exposed by past collapses, such as offshore exchange failures, show why local rules must tighten.
For exchanges, the Senate panel’s support signals that licensing is no longer a question of “if” but “when.” Platforms that want to keep serving Australian customers will need to budget for licensing, audits, and ongoing reporting as part of normal business.
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