On 25 September 2025, the Australian Government released draft legislation to regulate Digital Asset Platforms (DAPs) and Tokenised Custody Platforms (TCPs). The proposed law requires operators of these platforms to hold an Australian Financial Services Licence and comply with tailored disclosure, conduct, and licensing obligations. It aims to close regulatory gaps, enhance investor protection, and position Australia as a credible hub for digital asset innovation. Consultation on the draft closes on 24 October 2025.

On 4 December 2024, ASIC released Consultation Paper 381: Updates to INFO 225 Digital Assets: Financial Products and Services (“CP 381”), offering substantial proposed updates to the existing Information Sheet 225: Crypto Assets (“INFO 225”). These proposed updates include providing additional guidance on digital assets, the inclusion of worked examples and transitional relief for businesses who are in the process of applying for one or more licenses from ASIC. ASIC seeks feedback on the updates proposed in CP 381, with plans to finalize INFO 225 by mid-2025.