In 2026, crypto businesses in Australia are not covered by a single regime. The current position is that digital asset activities are regulated under existing financial services law, where the product or service is already a financial product or financial service, while separate digital asset legislation has been introduced but is not yet in force.
Expanded Answer
ASIC’s current position is still based on existing law. A crypto or digital asset arrangement may already require an AFS licence, disclosure, conduct compliance and other financial services obligations if it involves a financial product or financial service, such as interests in a managed investment scheme, securities, derivatives, NCP facilities or related dealing, advice, market or custody activities. ASIC’s updated INFO 225 is expressly framed around digital assets generally, including crypto-assets, stablecoins and tokenised assets.
At the same time, the policy direction has moved beyond guidance alone. Treasury released exposure draft legislation in late 2025, and the Corporations Amendment (Digital Assets Framework) Bill 2025 was then introduced into Parliament. The Bill would bring digital asset platforms and tokenised custody platforms into the financial products regime, with a tailored framework under the Corporations Act. As of late March 2026, the Bill is before the Senate, so it is a live reform, not yet the operative law.
The other live piece is AML/CTF. AUSTRAC’s reforms expand the definition of virtual assets and the coverage of virtual asset services. Existing reporting entities move to the reformed AML/CTF settings from 31 March 2026, while newly regulated sectors and services commence from 1 July 2026. Treasury has also said payment stablecoins are intended to be treated within the stored-value facility framework under the payments reforms, which means crypto, payments and financial services reform are starting to converge rather than sit in separate silos. See Keep HODLing on: adapting to ASIC’s consultation paper on digital assets, A digital safety net: regulating digital assets and Australia’s new payments licensing and compliance framework: preparing for June 2025.
Why it matters
The main risk in 2026 is assuming crypto remains outside mainstream regulation. For many firms, current ASIC licensing rules may already apply, and proposed legislation points to a broader, more explicit financial products framework. Firms that wait for final reform may miss obligations that already exist.
Practical guidance
- Assess each token, platform and service against current financial product and financial service tests before assuming reform is needed to create regulation.
- Track the Digital Assets Framework Bill separately from current ASIC obligations, because the bill is proposed law and not yet fully operative.
- Review AML/CTF coverage, especially where the business exchanges, transfers, safeguards or intermediates virtual assets.