Australia’s long awaited draft legislation for digital assets and tokenised custody platforms was released on 25 September 2025. The proposed changes extend the current financial services regulatory regime to operators of Digital Asset Platforms (DAPs) and Tokenised Custody Platform (TCPs) in a tailored manner and impose new requirements on DAP and TCP operators. Notably, entities providing specified services in relation to DAPs or TCPs will be required to hold an Australian Financial Services Licence (AFSL). For a more detailed analysis, click here.
Australian Government Moves to Regulate Digital Asset and Tokenised Custody Platforms
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Bill Fuggle
Bill Fuggle is a partner in the Sydney office of Baker McKenzie where he is a leading adviser in innovative listed investment products, fintech and neobanks, financial services regulatory advice, fund formation and capital markets. Bill brings together his deep experience in the financial services industry with his subject matter expertise in financial services law to create legal solutions and structures that have helped drive forward the Australian financial products and capital markets landscape.
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Trudi Procter
Trudi is a Partner in Baker McKenzie's Financial Services & Funds team in Brisbane. She advises on all facets of financial services regulation and compliance. She has extensive experience in investment funds management, and her capability stretches the full business lifecycle of her clients, from establishing new financial services businesses and funds to ongoing regulatory requirements.
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Alan Darwin
Alan is a special counsel in Baker McKenzie's Financial Services & Funds team in Sydney. He advises corporates, investment banks, financial product platform providers, superannuation trustees, responsible entities, investment managers, financial advisers, brokers and intermediaries on a range of areas relating to financial services, financial products, financial markets and related regulatory issues. His practice is focused on acting for financial market participants on the development, operation and distribution of financial products (including complex financial products using derivatives and digital assets) and providing advice to clients in respect of their obligations under the financial services laws. He has extensive experience in investment banking regulatory compliance, derivatives, structured products, investment lending, managed investment schemes and superannuation products.
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Shemira Jeevaratnam
Shemira is a senior associate in Baker McKenzie's Sydney office. Her practice focuses on FinTech, corporate crime and financial services. She predominantly works with institutional financial services organizations, global technology companies and FinTechs. She has completed four client secondments.