Crypto experts comment on the Australian Senate passing the Digital Assets Framework Bill
The Senate passed the Digital Assets Framework Bill today, marking a significant step in the regulation of digital assets in Australia. The Bill will require financial licenses for crypto platforms which will close regulatory gaps, improve consumer protections and ensure businesses holding digital assets meet the standards of the broader financial system.
Commenting on the passing of the Bill, Kate Cooper, CEO of OKX Australia and Co-Chair, Digital Economy Council of Australia (DECA), said, “The passage of the Digital Assets Framework Bill marks a pivotal moment for Australia’s financial system.
“For the first time, we have a clear regulatory foundation that recognises digital assets as part of the future of financial market infrastructure – not as a fringe innovation, but as a legitimate and growing asset class.
“This is a critical step in restoring Australia’s competitiveness. For too long, uncertainty has held back institutional participation, innovation and capital allocation. With this legislation, we now have the opportunity to unlock the next phase of growth. Independent research from DFCRC and DECA shows digital finance innovation could contribute up to $24 billion annually to the Australian economy. Realising that opportunity depends on getting the settings right, and today’s outcome provides a strong foundation.
“The focus now shifts to implementation – clearer standards, stronger consumer protections and ongoing industry engagement with regulators will be essential to ensure Australia builds a system that is both trusted and globally competitive. This is how we position Australia as a leader in the next generation of financial markets,” Cooper ended.
Vakul Talwar, General Manager for Australia at Crypto.com, said “Crypto.com welcomes the news that the Digital Assets Framework Bill has passed the Senate, awaiting Royal Assent.
“Crypto.com has always been firm in its view that the Australian Financial Services Licence (AFSL) regime must be the core foundation for crypto regulation in Australia. Embedding digital asset platforms within the existing financial services framework is the right approach to ensure consistent consumer protections, market integrity and confidence, while allowing innovation to continue responsibly.
“The digital asset platform licensing process under the AFSL regime is thorough and rigorous. Now that the Senate has passed this legislation, we expect the process to become more efficient for others seeking licensing under AFSL.
“Crypto.com is already well positioned for this next phase, holding two Australian Financial Services Licences. We are ready to engage constructively with regulators as the new framework is rolled out. Ensuring a smooth transition will be essential to maintaining Australia’s competitiveness and protecting consumers as the new regulation comes into effect, Talwar ended.
Effie Dimitropoulos, CEO of AUDD, stated, “AUDD supports the progression of the Digital Assets Framework Bill as a necessary step towards greater regulatory clarity and market integrity in Australia. It creates positive momentum towards bringing digital asset platforms into a formal regulatory perimeter. However, we need to implement targeted changes to make the framework useful, globally competitive, and aligned with Treasury’s broader payments reform agenda.
“In March, the report handed down by the Economics Legislation Committee in The Senate rightly acknowledged that digital assets are increasingly intersecting with everyday financial activity and stablecoins are a strong example of this. When appropriately regulated, payment focused stablecoins can support faster settlement, lower costs and improved interoperability across the payments ecosystem.
“The draft legislation recognises that not all digital assets present the same risks. Stablecoins used for payments function more like stored‑value or payment instruments than traditional financial products. Treating them as such would align Australia with international peers including the EU, Singapore and Hong Kong, and with Treasury’s broader payments reform agenda.
“Getting this classification right is critical. Over regulation or misclassification risks duplicative licensing, unnecessary compliance costs and slowing adoption at precisely the moment when global momentum is building. A clear, payments‑based framework for stablecoins would provide businesses with the confidence to invest, scale and integrate stablecoins into real‑world use cases such as cross‑border payments, treasury management and on‑chain settlement.
“As we move forward, regulatory coordination, realistic transition periods and clear guidance will be essential to ensure innovation is not stalled while firms adapt to the new regime. Clear sequencing across ASIC, Treasury, APRA and AUSTRAC is essential to avoid duplication and regulatory conflict.
“Transitional relief and “continue operating while applying” mechanisms will be important to maintaining market stability. ASIC is already experiencing a high volume of AFSL applications in quick succession and we expect this to increase now the Bill has passed the Senate.
“Australia has an opportunity to position itself as a world leading jurisdiction for stablecoin innovation. AUDD supports the Bill progressing through Parliament as a foundational step for the industry. With targeted refinements, particularly around definitions, stablecoin treatment and implementation, the framework can strike the right balance between consumer protection, innovation, and global competitiveness,” Dimitropoulos concluded.
Jonathon Miller, Managing Director for Australia & Rest of World at Kraken, added, “Australia’s digital asset industry now has a green light – the Corporations Amendment (Digital Assets Framework [DAP]) Bill 2025 is a top-down signal that Australia is serious about participating in the global digital economy.
“For too long, uncertainty has held the sector back. Clear rules of engagement give businesses the confidence to invest, innovate and grow, and importantly, allow Australians to compete in an industry it has been at risk of falling behind.
“The opportunity from here is significant. Investment and industry growth are directly tied to the strength and clarity of the regulatory environment, and the new DAP framework provides a foundation we can build on.
“That said, there is still important work ahead as we move from design and legislation to implementation. It will be critical that the industry continues to work closely with regulators such as ASIC to ensure that we get the detail right so that we can continue to develop practical, proportionate and fit for purpose regulation in this country.
“But let’s not let the challenges ahead take away from what is a great moment for the sector. Major credit should go to policymakers on both sides of government for engaging with industry throughout this process, and getting us to where we are today,” Miller ended.
