ASIC seeks feedback on rules for crypto platforms

Australia’s corporate regulator ASIC opened a consultation on 15 October 2026 on proposed rules for digital asset platforms and tokenised custody platforms, ahead of a new licensing regime planned for April 2027. The proposals cover how these firms would hold assets, handle trades and meet financial requirements, according to ASIC’s announcement.

• Consultation closes at 5pm AEDT on 27 November 2026.
• The new framework is due to take effect in April 2027.
• ASIC says it has recorded more than 140 applications from businesses seeking to offer digital asset-related financial services.

The consultation concerns the Corporations Amendment (Digital Assets Framework) Act 2026. It sets out how ASIC proposes to apply that law, which brings digital asset platforms and tokenised custody platforms into Australia’s financial services licensing regime.

What would ASIC require platforms to do?

Platforms could need an Australian financial services licence, customer disclosure documents and platform rules, as well as compliance with standards for holding assets, trading and settlement, and financial resources. ASIC’s Consultation Paper 392 contains draft guidance and proposed standards for those obligations.

A digital asset platform, or DAP, holds digital tokens for clients and provides related services. A tokenised custody platform, or TCP, records underlying assets held for clients as digital tokens. ASIC says its proposed guidance is also relevant to existing financial services licensees, market participants, payment providers and other businesses that use or deal in digital assets.

ASIC proposes to streamline licensing for existing licensees and some firms that recently sought digital asset authorisations under its earlier guidance. The regulator says the change is intended to help those businesses transition to the new regime.

How would the standards affect custody and trading?

The proposed asset-holding standards would cover how firms separate client assets and money from their own, use assets according to client instructions, keep records and reconcile holdings. They would also address client withdrawal rights, security arrangements and oversight of service providers.

For trading and settlement, ASIC is considering standards on fair and orderly platform operation, execution practices such as best execution, price disclosures, listing criteria and monitoring for misconduct. The proposals also cover operational resilience, record keeping and settlement arrangements. ASIC says the standards could account for different platform models, including custody-only services, brokers and market-making platforms.

The proposed financial requirements include a cash-needs test, a minimum level of net tangible assets and regular review by a registered company auditor. ASIC has published preliminary drafts of legal instruments, but says their final form may change considerably after consultation.

When must firms respond, and what happens next?

ASIC will accept submissions until 5pm AEDT on 27 November 2026. The regulator says the framework is planned to begin in April 2027; its proposals are part of the implementation process for the 2026 law.

ASIC says firms will need to meet existing licensing requirements during the transition. Its consultation materials also refer to government regulatory design work being developed in parallel, which ASIC says is intended to give industry a fuller view of the future approach.

ASIC recorded more than 140 applications from businesses seeking to provide digital asset-related financial services, including more than 110 received during a no-action period that ran from October 2025 to 30 September 2026. The consultation gives firms and other stakeholders a chance to comment on the proposed requirements before ASIC finalises its guidance and standards.

Sources and documents

• ASIC’s announcement — asic.gov.au
• Consultation Paper 392 — asic.gov.au