Julie-Ann Campbell (Moreton, Australian Labor Party) Share this | Hansard source

When I was a little girl, I used to be incredibly excited to get my pocket money—like many other children across the breadth of this nation. For me, that was $5, and I would pop it into a little pouch. My grade 1 teacher would hold out a sack and we'd put it inside, and when it would come back, the money would be gone but I'd have a purple stamp. That purple stamp meant that those $5 were now in my bank account. That was how I was taught to save. That was how I was taught to make sure that my money was in a place that I knew was safe. That was how I was taught to protect myself when it came to money and finances. I had that confidence that my money was safe.

The world has changed. It's different now, and the way that we deal with money is different too. Long gone are those days of piggy banks and cash deposits being the only way that young people invest their money. Today's young Australians aren't just saving pocket money; they are navigating NFTs, bitcoin and digital wallets. They're doing exactly what we tell young Australians to do. We tell them to adapt, we tell them to innovate, we tell them to try to get ahead, but they're exposed to a market without proper protections in that new landscape. What happens when digital currency platforms collapse overnight? Not to the executives, not just to the investors—what happens to the university student who put their part-time wages into what they thought was going to be a legitimate investment? Importantly, what happens to the small-business owner trying to keep up with how their customers want to pay? If these digital platforms fail, it's not the big corporations who hurt the most—it's our small businesses and the everyday Australians who are just trying to get ahead.

The Corporations Amendment (Digital Assets Framework) Bill 2025 is about closing that gap. It's about ensuring that, as our financial system evolves and changes, the safeguards that protect hardworking people evolve with it too.

I have the great privilege of living in the very best part of Australia, on Brisbane's south side in the seat of Moreton. My office there is in a suburb called Sunnybank. If I took a rock and threw it as far as I possibly could and then drew a circle from that rock's placement around the office, it would encompass scores and scores of businesses—everything from services businesses to hospitality to retail to manufacturing. These businesses are important to the economy. In many ways for my local community these are lifeblood to the economy, and they employ people who live locally. We need to make sure that they too are protected when it comes to digital assets.

The Albanese Labor government is updating Australia's financial laws to match the pace of technological change and international standards. Digital assets have moved from the margins into everyday finance and commerce. Australians use them. Businesses build with them. And the underlying technology, like blockchain, opens real opportunities to transform how our financial systems work. We're talking about faster payments, more efficient settlements and new ways for businesses to raise capital and for consumers to transact. This is the future of finance, and Australians deserve to participate in that future with confidence. We want to be at the forefront of technology. We want to be at the forefront of productivity. We want to be at the forefront of service delivery, and we want to be at the forefront of innovation.

But, when the rulebook is unclear, consumers face risks that we as a country simply cannot accept. We've already seen what happens when there aren't sufficient protections. Tens of thousands of Australians were affected by the collapse of FTX. Families across this country put their trust in a platform that collapsed overnight before their eyes. Billions were lost globally. Consumer trust was shattered, and innovation was undermined. When exchanges like FTX crumble, we see the cost of platform failure in real terms to real people, to real life savings, to real families and to real Australians. The caretaker described it as 'real, old-fashioned embezzlement'. But, if it uses new tech, we must make sure that people still have protection, because the people who hurt the most every day are Australians who trusted the system. It's students, young workers, families and small-business owners trying to stay competitive.

This bill amends the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 to recognise two new financial products: digital asset platforms and tokenised custody platforms. These amendments integrate these platforms into our existing, trusted framework rather than creating a parallel system, extending the protections Australians already rely on. It's about making sure that the tech you use isn't an out, isn't an excuse and isn't a reason for accountability and regulation to not keep you safe. This is not regulation for regulation's sake. We're building smarter safeguards on top of financial laws. Australians already know how this works. We're not starting from scratch; we're building on what already works, applying the same principles that have kept Australians safe over many years in the financial system—for decades. And we're giving businesses the certainty that they need to invest and innovate in Australia, knowing the rules are clear and globally aligned.

That's what we want. We want small businesses to innovate. We want them to be more productive so that they can drive the economy. We want them to be successful so that they can employ more Australians, who can have a decent job and decent pay. And the principle is simple: if you hold assets for clients, you meet the same standards. It doesn't matter if those assets are in dollars or digital. The risks of digital assets are ones we have heard before—fraud, mismanagement and cyberattacks. These are the same risks we already regulate in banks and in finance, and this bill simply enshrines clearer rules, fair standards and proper oversight.

We know how to regulate financial risk because we've been doing it for a really long time. The key risks of digital asset platforms and tokenised custody platforms are ones that we already regulate in traditional finance: credit risk, liquidity risk, counterparty risk, operational risk, fraud and cyber risks. What changes is the technology. What doesn't change, what should never change and what will never change under this government is our responsibility to protect Australians. Operators of these platforms will be required to meet new minimum standards for how client assets are held and how transactions are processed as well as to comply with disclosure obligations designed specifically for digital asset businesses. And that means clear rules on custody. Your assets must be held securely and separately from the platform's own assets. It also means clear rules on reconciliation. Platforms must know, at all times, exactly what they're holding and when they're holding it. It also means clear rules on disclosure. Consumers deserve to know the risks before they invest. Australians deserve to know the risks before they invest.

By extending Australia's financial services laws to better cover digital asset platforms and tokenised custody platforms, we're giving consumers and industry the certainty that the same consumer protections and licensing obligations apply to comparable custodial activities. If you're holding someone's assets, you're subject to the same standards—no excuses, no exceptions, no shortcuts, just accountability. These measures ensure that operators of digital asset businesses are held to those same high standards of fairness, transparency and integrity as other financial service providers are. This government believes that Australians deserve those same protections, whether they're investing in shares, whether they're investing in property or whether they're holding those digital assets, and this bill delivers that.

This bill requires operators to hold an Australian financial services licence, meaning they're obliged to act efficiently, honestly and fairly; handle conflicts of interest properly; and maintain dispute resolution processes. These aren't new concepts. These are the same requirements we place on every financial service provider in this country, because operating in Australia's financial system means a commitment to Australian consumers, a commitment to the values we hold so dear that mean Australians are protected. Beyond that, they'll meet obligations designed specifically for digital assets with baseline standards for custody, segregation, reconciliation and how transactions settle. These requirements acknowledge what makes digital assets different: no central issuer in some cases and peer-to-peer movement in others. The old rulebook doesn't always fit the new technology, but the protections must. That's why this bill is flexible, equipping the minister and ASIC with powers to update requirements as technology shifts, addressing new risks and keeping the framework relevant. This bill is not just about protecting consumers from today's technology, from what is happening right now; it reaches out to make sure that we are safeguarding against technologies that could be abused in the future. It reaches into the future to make sure that the tech of tomorrow doesn't mean Australians will be left stranded.

Technology moves fast—we know that—and regulation needs to keep up. This bill gives us the tools to do that without needing to come back to this parliament every time technology changes. This adaptive approach lets us safeguard consumers without crushing innovation, positioning Australia to set the pace in digital finance, not to chase it. The government backs innovation, but innovation without protection is a recipe for disaster. This bill gets the balance right.

The bill allows an 18-month adjustment window. Businesses already operating responsibly get time to meet those new requirements, and ASIC can grant temporary relief where it's needed. This measured reform builds confidence in our financial system—confidence that Australians deserve—while establishing Australia as a credible centre for digital innovation. ASIC will oversee these platforms under clearer rules, bringing digital platforms under the same trusted oversight Australians already rely on for every other part of our financial system.

This bill aligns us with those global standards set by the Financial Stability Board and the International Organization of Securities Commissions, keeping us competitive with jurisdictions like the United States, the European Union, the United Kingdom and Singapore. The government proposes to provide a clear regulatory framework that is fit for purpose and considers these international standards, protecting consumers while supporting that innovation and providing a clear and consistent framework for businesses operating in Australia's growing digital sector. This reform will help attract investment. This reform will help create jobs. This reform will help us grow our digital economy. When businesses know the rules are clear, we know that they invest. When consumers know they're protected, we know that they participate. This bill creates the preconditions for both of those things, ensuring Australians can participate safely in the digital asset sector knowing the rules are clear and in force.

Australia has long been a global leader in financial services. Our superannuation system, a proud Labor legacy, is internationally respected. Our banks weathered global financial crisis better than most, and our regulatory framework has driven innovation while maintaining stability. I grew up knowing the system had my back. Every dollar I saved was protected. Today's Australians deserve that same certainty, no matter how they choose to save, no matter how they choose to invest their hard earned money. Whether they're putting money in a piggy bank or investing in digital assets, they deserve to know that the system protects them.

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