New AFSL requirements proposed for crypto platforms

On 25 September 2025, the Federal Government released the “Treasury Laws Amendment (Regulating Digital Asset, and Tokenised Custody, Platforms) Bill 2025 Exposure Draft” (Bill).

The Bill is the culmination of recommendations made by the Senate Select Committee in October 2021, and proposes various amendments to the financial services regulatory regime, which is contained within Chapter 7 of the Corporations Act 2001 (Cth).

The amendments focus on those businesses that hold digital assets on behalf of clients (i.e. cryptocurrency), and will require that such businesses obtain an Australian Financial Services Licence (AFSL) in order to continue to provide such services.

Should the Bill be passed, there will be a transitory period for the affected businesses to obtain an AFSL.

The Federal Government intends that the amendments will bring billions of dollars of Australians’ assets presently held in digital platforms within the Corporations Act regime, and close existing regulatory gaps.

If you have concerns with financial advice that you have received, please contact FD Legal on 1300 433 533 or email enquiries@fdlegal.com.au to discuss your matter further.

The Australian Government Consultation hub may be accessed at: https://consult.treasury.gov.au/c2025-701519

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