ASIC Targets Crypto Platforms With Functional Regulation Under 2025 Digital Assets Bill

On 11 March 2026, ASIC fintech head Rhys Bollen argued that crypto-assets in Australia should be regulated based on their economic function rather than technology labels, with tokenised securities and stablecoins falling under existing financial and payment rules. The Digital Assets Framework Bill 2025 will impose Australian Financial Services Licence obligations on digital asset and custody platforms by 30 June 2026, with penalties of up to 10% of annual turnover and exemptions for the smallest operators. Industry leaders have raised concerns over broad regulatory powers, even as some acknowledge the framework could improve bank access for compliant crypto firms.