The Digital Assets Framework represents a historic landmark in financial services law nationally. The intention is to modernise Australia’s digital asset regulatory regime, defining key concepts from platforms through to tokens, and providing the Australian Securities and Investments Commission (ASIC) and the Minister with powers to regulate these platforms.

The Bill extends the scope and application of the existing financial services framework to broaden regulation to crypto platform service providers that have, until now, operated without regulation. Of the approximately 400 crypto platforms registered in Australia, only 10 per cent are registered with ASIC.

Steven Pettigrove is a Partner at Piper Alderman, advising on…