G'day, Compliance: Australia Finally Stops Wingin' It With First Crypto Bill

Australia passed its first crypto bill on Wednesday, giving the industry the legislative clarity it's been begging for. The Corporations Amendment (Digital Assets Framework) Bill 2025 cleared both houses of Parliament on April 1, bringing crypto exchanges and tokenized custody providers under the existing Australian Financial Services License framework.

The regulation defines digital tokens, digital asset platforms, and tokenized custody platforms for the first time. It also gives the Australian Securities and Investments Commission (ASIC) and the Minister powers to regulate these platforms, and targets exemptions for certain digital token arrangements.

Crypto firms now have 6 months to obtain their Australian Financial Services License from ASIC. They'll follow the same rules as brokers and fund managers, including safeguarding client assets, providing disclosures, avoiding misconduct, and maintaining dispute resolution and compensation systems.

The Digital Economy Council of Australia praised the passing, calling it the clearing of stage one rather than the finish line. "There have been years of conversations, submissions, working groups, pressure, coordination and persistence to get to this point," said DECA CEO Amy-Rose Goodey.

The timing is notable given recent enforcement action. Binance was recently fined AUD 10 million for misclassifying retail investors, with the Australian Federal Court finding more than 85% of its Australian users were improperly classified, resulting in over $12 million in losses and fees.

Meanwhile, Ripple is already seeking its Australian Financial Services License and looking to acquire BC Payments Australia as part of its Asia-Pacific expansion.