Defence barrister Peter Morrissey, SC, told the Supreme Court on Thursday that Lukas Kamay, 26, would now be pleading guilty to the charge.

Kamay - who has pleaded guilty to six insider trading charges - was planning to argue the dealing with the proceeds of crime charge should be dropped but changed his mind after discussions with his legal team.

Kamay, of Clifton Hill, who bought a $2.4 million Melbourne apartment from the reality TV show The Block in April, had initially disputed claims he dealt with proceeds of crime, money or property worth $1 million or more.

The property and $6.5 million from bank accounts were seized by police after his arrest in May.

Kamay and Australian Bureau of Statistics worker Christopher Hill, 24, have admitted their roles in one of the biggest insider trading cases in Australian history.

A pre-sentence hearing for the pair will be held before Justice Elizabeth Hollingworth on December 10.

An earlier hearing in the Melbourne Magistrates Court was told the scheme reaped $7 million in illegal foreign exchange trades.

According to a statement tendered by the police, the scheme began as a plan to make $200,000 from market sensitive information but led to Kamay concealing millions more in accounts not known to Hill.

The friends first hatched the scheme at various gatherings in May last year, including a dinner in Fitzroy and a party in Rye, on the Mornington Peninsula.

Under the arrangement, Hill - who was allegedly paid just $20,000 - agreed to use his position at the ABS headquarters in Canberra to send Kamay employment, trade and retail figures moments before they were released to the market.

Kamay, based at NAB in Melbourne, used the data to make trades on currency markets based on which direction the Australian dollar was expected to go.

Kamay kept the true value of his trade profits hidden from Hill. In a confession to police, he admitted he kept between $6 million and $7 million in secret accounts.