Daniel Mulino (Fraser, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

Firstly, I would like to thank those members who have contributed to this debate. In particular, I acknowledge the excellent contribution by the member for Moore, who I think very clearly explained the rationale for the Corporations Amendment (Digital Assets Framework) Bill 2025 and the benefits that will arise from the passage of this bill in relation to innovation in our economy.

In line with his comments, I would start by saying that digital assets are no longer a niche technology. They are reshaping global finance and transforming how people trade, invest and hold value. Tokenisation in particular is creating new opportunities by turning real-world assets into digital forms that can be exchanged instantly and securely. Australia must keep pace if we want to remain a competitive and innovative financial centre.

But the opportunities come with real risks. We have seen internationally what happens when digital asset businesses operate without appropriate safeguards: customer funds misused, systems breached and confidence damaged. Australians have also lost significant savings to scams and fraudulent schemes that exploit gaps in regulation. These risks cannot be ignored.

This bill responds directly to those challenges. It amends the Corporations Act and the ASIC Act to introduce two new types of financial products: digital asset platforms and tokenised custody platforms. These are the businesses that hold assets on behalf of Australians, and they sit at the centre of the risks we must manage. By bringing these platforms into our existing financial services framework, this bill applies proven, well-understood obligations. It avoids the complexity of designing a bespoke regime while ensuring that comparable activities face comparable regulation—same activity, same risk, same rules.

Operators will need to meet minimum standards for how client assets are held, how transactions are managed and how risks are controlled. A single modern platform guide will replace multiple disclosure documents, giving consumers clear information about fees, custody arrangements, risks and rights. An 18-month transition period will give industry and regulators time to adapt, ensuring that implementation is smooth and practical.

Ultimately, this bill strengthens trust in Australia's financial system. It protects consumers, supports innovation and helps secure Australia's position as a leader in responsible digital finance. It forms part of the government's broader agenda to lift integrity across the financial system, including reforms to scam prevention and anti-money-laundering laws. I commend this bill to the House.

Question agreed to.

Bill read a second time.

Ordered that this bill be reported to the House without amendment.

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