What was debated in Parliament
Summarised using AI from the official Hansard transcript of the debate only. It is not a record of the debate and may leave things out. Read the Hansard below to check it.
This bill brings businesses that hold digital assets, such as crypto, for customers under Australia's financial services laws. It creates two new financial products, digital asset platforms and tokenised custody platforms, which will need a licence and must meet ASIC standards on custody and disclosure, with an exemption for small operators and an 18-month transition. Speakers from all sides backed the bill, and the debate focused on consumer protection, how long the reform had taken, and what it left out.
Arguments made in support
The Government said businesses can currently hold unlimited client digital assets with no financial law safeguards, and pointed to the FTX collapse and crypto scams.
Government members said the bill applies a simple principle: if you hold assets for clients, you meet the same standards, whether dollars or digital.
Coalition speakers welcomed the legal clarity, saying uncertainty and ASIC's court-based enforcement had driven investment and jobs offshore.
The Greens and independent Allegra Spender supported the bill, saying it closes regulatory gaps and gives honest firms certainty.
Supporters said using the existing licence system avoids a new regime and lowers compliance costs.
Arguments made against, or for changes
Coalition speakers said the reform took too long and Australia had fallen behind places like the UK, EU and US.
Coalition MP Simon Kennedy said the bill does not address debanking, stablecoin payments, broker-model platforms or group licensing.
Coalition MP Tim Wilson questioned whether ASIC could do the job and said the Coalition wanted a committee inquiry.
Allegra Spender urged recognition of overseas crypto rules and said 'pump and dump' token schemes would fall outside the new rules.
In the Senate, Coalition amendments sought a review after two years and required banks to give reasons for refusing service; Senator Pocock backed the review.
25 speeches by 20 members in the House and Senate over 5 sitting days.
Hansard: House of Representatives, 26 Nov 2025 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 3 Feb 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 4 Feb 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: Senate, 5 Feb 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: Senate, 1 Apr 2026 ›
The official Hansard (PDF), Parliament of Australia
Includes votes on amendments and procedure.