diff --git a/README.md b/README.md
index 244860fffb..8e35b5a1bf 100644
--- a/README.md
+++ b/README.md
@@ -45,10 +45,12 @@ Please read our [forking guide](docs/FORKING.md).
 
 ## Copyright & License
 
-Copyright (c) 2022 - 2024 New Vector Ltd
+Copyright (c) 2022 - 2025 New Vector Ltd
 
-Licensed under the AGPL-3.0-only (the "License"); you may not use this work except in compliance with the License. You may obtain a copy of the License in the LICENSE file, or at:
+This software is dual licensed by New Vector Ltd (Element). It can be used either:
 
-https://www.gnu.org/licenses/agpl-3.0.txt
+(1) for free under the terms of the GNU Affero General Public License (as published by the Free Software Foundation, either version 3 of the License, or (at your option) any later version); OR
 
-Unless required by applicable law or agreed to in writing, software distributed under the License is distributed on an "AS IS" BASIS, WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied. See the License for the specific language governing permissions and limitations under the License.
+(2) under the terms of a paid-for Element Commercial License agreement between you and Element (the terms of which may vary depending on what you and Element have agreed to). 
+
+Unless required by applicable law or agreed to in writing, software distributed under the Licenses is distributed on an "AS IS" BASIS, WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied. See the Licenses for the specific language governing permissions and limitations under the Licenses.