The Corporations Amendment (Digital Assets Framework) Bill receives Royal Assent
- Michael Lukman
- 1 day ago
- 3 min read
Updated: 1 hour ago
The much-anticipated Corporations Amendment (Digital Assets Framework) Bill 2025 received Royal Assent on 8 April 2026. This Gen Advisory article summarises the DAF Bill key requirements and implications for DAP and TCP operators.
Key points: What you need to know
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Background
On 1 April 2026, the highly anticipated Corporations Amendment (Digital Assets Framework) Bill 2025 ("DAF Legislation") passed both Houses of Australian Parliament. On 8 April 2026, the DAF Legislation ireceived Royal Assent on 8 April 2026.
Key aspects of the new DAF legislation
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The DAF Legislation introduces two new categories of financial products under the Corporations Act:
"Digital Asset Platforms (DAPs)" - i.e. facilities where an operator holds digital tokens (underlying assets) either for themselves or on behalf of someone else.
"Tokenised Custody Platforms (TCPs)": - i.e. facilities where an operator identifies and holds assets other than money, issuing a single digital token for each asset, which grants the holder the right to redeem or direct the delivery of that asset. The operator acts on behalf of the token holder, often as trustee or bailee, and may also manage the asset according to the holder’s instructions.
DAP and TCP operators will be required to hold an Australian financial services licence (AFSL) and comply with the general obligations that apply to all AFSL holders.
DAP and TCP operators will also need to comply with additional obligations, including:
Minimum standards relating to asset holding, transactions and settlement - to be developed by ASIC.
Disclosure obligations - including the requirement to provide clients the same disclosure about the underlying assets they acquire through a DAP or TCP.
Licensing exemptions
The DAF Legislation contains two categories of exemptions: (1) a "low value-exemption; and (ii) an "incidental activity" exemption.
"Low-value exemption::
where the total market value of transactions across all an operator’s platforms does not exceed $10 million over a 12-month period; and
where the operator holds less than $5000 per customer.
"Insignificant part of business" exemption:
where the service consists only of either or both of advising another person about the existence of a DAP or TCP, or arranging for another person to use a DAP or TCP; and
where the service provider does so in the ordinary course of business and such services are not a significant part of their business.
Next steps
The DAF Legislation will commence on 9 April 2027 - i.e 12 months from the date Royal Assent is received (8 April 2027).
For the first 6 months from commencement (the transition period), the DAP/TCP amendments do not apply to the provision of a DAP/TCP financial service while the relevant provider does not hold an AFSL with an authorisation for that service. If the provider has made an application to ASIC, the DAP/TCP amendments do not apply to the provision of a DAP/TCP financial service until the day after ASIC makes a decision regarding the application.
This article is of a general nature and not intended to address the objectives, financial situation or needs of any particular individual or entity. It is provided for information purposes only and does not constitute professional or legal advice.
Should you have any questions regarding this article, please get in touch with the Gen Advisory team.
