Question Time AU

Bill Debate · Second Reading

Corporations Amendment (Digital Assets Framework) Bill 2025; Second Reading

Senate · Thursday 5 February 2026

Official Hansard for this day (APH) · Read this debate on OpenAustralia

At a glance

The Senate debated the Corporations Amendment (Digital Assets Framework) Bill 2025, which aims to regulate digital asset and tokenised custody platforms. The Minister for Industry and Innovation argued that the legislation addresses regulatory gaps by extending existing financial services obligations to these emerging markets. The bill introduces new product categories and licensing requirements to protect consumers while maintaining flexibility for innovation. It includes exemptions for small-scale operators and an 18-month transition period. The debate concluded with the Minister moving that the bill be read a second time.

Outcome

The Minister moved that the bill be now read a second time.

Summary in reported speech - not a transcript. AI-generated, so check the official record before quoting.

How the debate unfolded

Opened the debate

Tim Ayres (NSW) (Australian Labor Party) ALP

Ayres argued that the bill modernises Australia's financial regulatory framework to address risks in the digital asset sector. Ayres stated that the legislation closes loopholes by subjecting businesses holding client digital assets to the same consumer protection standards as other financial services. Ayres explained that two new financial products, digital asset platforms and tokenised custody platforms, would be introduced into the Corporations Act. Ayres noted that operators would need an Australian Financial Services Licence and must meet minimum standards set by the Australian Securities and Investments Commission. Ayres highlighted that the bill includes targeted exemptions for minor operators with transaction values under $10 million and provides an 18-month transition period.

Government response

Tim Ayres (Minister for Industry and Innovation; Minister for Science) ALP NSW

Ayres emphasised that the bill focuses on regulating businesses holding digital assets rather than the underlying technology, allowing the framework to evolve with new forms of tokenisation. Ayres stated that the reforms aim to restore trust in digital asset markets by removing bad actors and making it harder for criminals to operate. Ayres noted that the bill delivers on the government's commitment to smarter regulation, supporting innovation while providing regulators with tools to act swiftly against emerging risks. Ayres mentioned that stakeholders had engaged in four rounds of public consultation and that the Legislative and Governance Forum on Corporations had approved the measures.