Australia's Senate Economics Legislation Committee endorsed the Corporations Amendment (Digital Assets—Financial Services) Bill 2025 on March 16, 2026, recommending passage without amendment. Crypto exchanges, custodians, and wallet providers will need Australian Financial Services (AFS) licences. This is the most comprehensive crypto integration into mainstream financial regulation in APAC.
| Aspect | Details |
|---|---|
| Bill Name | Corporations Amendment (Digital Assets—Financial Services) Bill 2025 |
| Committee Report | March 16, 2026 |
| Recommendation | Pass Without Amendment |
| House Status | Passed |
| Senate Status | Awaiting Vote |
| Regulator | ASIC (Australian Securities & Investments Commission) |
| Operative Date | To be set by Minister proclamation after Royal Assent |
The Bill amends the Corporations Act 2001 (Cth) to insert a new category of regulated financial product. This brings digital asset services within the existing financial services licensing, conduct, and disclosure regime administered by ASIC.
A "digital asset facility" includes platforms that:
| Entity Type | Licence Required? | Notes |
|---|---|---|
| Crypto Exchanges (CEX) | ✅ Yes | AFS + Digital Asset Facility authorisation |
| Custodians | ✅ Yes | Holding assets for retail or wholesale clients |
| Wallet Service Providers | ✅ Yes | If holding assets on behalf of users |
| Token Issuers | ⚠️ Maybe | Only if token is otherwise a financial product |
| DeFi Protocols | ❓ Unclear | Depends on custody/control arrangements |
| Self-Custody Wallets | ❌ No | User controls keys, no intermediary |
ASIC will apply standard licence assessment criteria under section 913B of the Corporations Act:
| Requirement | Description |
|---|---|
| Competence | Responsible managers must have relevant qualifications and experience (RG 105) |
| Financial Resources | Adequate capital and liquidity to operate safely |
| Dispute Resolution | Membership of AFCA (Australian Financial Complaints Authority) |
| Compliance Arrangements | Adequate systems, procedures, and monitoring |
| Risk Management | Cybersecurity, custody arrangements, operational resilience |
AUD 150,000 - 500,000+
Legal, compliance infrastructure, ASIC application fees
AUD 200,000 - 1,000,000+
Compliance team, audits, reporting, AFCA membership
Corporations Amendment (Digital Assets—Financial Services) Bill 2025 introduced to Parliament
Bill passes the House of Representatives
Senate Economics Legislation Committee recommends passage without amendment
Senate to debate and vote on the Bill
Minister sets operative date; transitional period begins
All operators must hold AFS licence with digital asset facility authorisation
How does Australia's framework compare to other major APAC crypto regimes?
| Jurisdiction | Framework | Integration Approach | Status |
|---|---|---|---|
| 🇦🇺 Australia | Corporations Act Amendment | Full integration into financial services law | Bill pending |
| 🇭🇰 Hong Kong | VASP Regime (AMLO) | Standalone licensing under SFC | Active |
| 🇸🇬 Singapore | Payment Services Act | MAS licensing for payment services | Active |
| 🇯🇵 Japan | PSA / FIEA | JFSA registration for exchanges | Active |
| 🇰🇷 South Korea | VASP Act + DABA 2026 | FIU registration + new framework | DABA pending |
The Corporations Amendment (Digital Assets—Financial Services) Bill 2025 is Australian legislation that creates a new category of regulated financial product called "digital asset facility" under the Corporations Act 2001. It requires crypto exchanges, custodians, and wallet providers to obtain Australian Financial Services (AFS) licences.
The Senate Economics Legislation Committee endorsed the Bill on March 16, 2026. It awaits a Senate vote. The Minister will set the operative date by proclamation after Royal Assent. Existing operators will have a transitional period to apply for licences.
Any person operating a "digital asset facility" - platforms that hold, transfer, or exchange digital assets on behalf of others - needs an AFS licence with digital asset facility authorisation. This includes crypto exchanges, custodians, and wallet service providers serving Australian clients.
ASIC will apply standard licence assessment criteria under section 913B of the Corporations Act, including: competence requirements, adequate financial resources, dispute resolution membership (AFCA), and compliance arrangements.
Issuers of digital assets that are not otherwise a financial product remain outside the Bill's direct scope. However, secondary trading platforms handling those assets on behalf of users will fall within the licensing obligation.
Australia's framework is more comprehensive than most APAC jurisdictions. Unlike Hong Kong's VASP regime or Singapore's PSA, it integrates crypto into existing financial services law rather than creating standalone regulation. This provides consistency but higher compliance costs.
Last updated: March 21, 2026