Australia Passes Crypto Licensing Law

Australia has passed legislation requiring cryptocurrency exchanges and custody platforms to hold government-issued financial services licenses. The Corporations Amendment (Digital Assets Framework) Bill 2025, introduced by the Treasury in November 2025, cleared both houses of parliament on Wednesday. This marks the first time Australia has brought crypto service providers under its formal financial services regulatory framework.

The new law requires entities classified as 'digital asset platforms' and 'tokenized custody platforms' to obtain an Australian Financial Services Licence. Platforms operating under the new rules must act 'efficiently, honestly and fairly,' disclose clearly how customer assets are stored, and maintain adequate governance and risk management controls. The bill does not include a statutory definition of 'digital assets.'

Kate Cooper, CEO of OKX Australia, described the passage of the bill as establishing a regulatory foundation that the industry has lacked. John O'Loghlen, APAC managing director of Coinbase, said the law strengthens Australia's position in the global digital economy but noted there is more work to be done.