Australia’s securities regulator has opened consultation on standards for digital asset platforms ahead of new laws commencing on 8 April 2027.
The Australian Securities and Investments Commission released its proposals on 15 October. They cover customer asset holdings, trading and settlement activities, financial requirements and guidance on licensing obligations.
The underlying legislation has passed, but ASIC’s proposed implementation standards remain open for feedback until 27 November. ASIC
Key Takeaways
- Australia’s new digital asset framework commences on 8 April 2027.
- ASIC is consulting on custody, transaction, settlement and financial standards.
- Relevant businesses may need a new Australian financial services licence or changes to an existing licence.
- The consultation closes at 5pm AEDT on 27 November 2026.
- Draft instruments may change before they are finalised.
What ASIC Is Proposing
ASIC’s Consultation Paper 392 sets out four areas of implementation: regulatory guidance, asset-holding standards, transactional and settlement standards, and financial requirements for platform operators.
The package includes preliminary legal instruments. ASIC cautions that their final wording could differ considerably from the drafts. Some government regulatory design work is also continuing alongside the consultation. www.asic.gov.au
This stage of crypto regulation concerns how businesses will meet the new framework’s requirements in practice.
Which Businesses Are Covered?
The framework introduces two platform categories.
Digital asset platforms involve holding digital tokens for customers and providing associated platform services. Tokenised custody platforms record underlying assets held for customers as digital tokens.
ASIC’s proposed guidance also addresses existing financial services licensees, market participants and payment providers dealing with digital assets. Relevant firms would need to obtain or vary their licences, provide customer disclosures and platform rules, and meet applicable operational and financial standards. ASIC
For customers, the distinction between custodial and non-custodial wallets helps explain the significance of these obligations. When a platform controls assets on someone else’s behalf, its custody arrangements become part of the customer’s exposure.
Why Asset Protection and Settlement Matter
A trading platform performs several functions: holding assets, recording customer entitlements, processing orders and completing transfers. Weaknesses at any of these stages can affect customers even when the underlying blockchain continues operating normally.
ASIC’s consultation addresses these operational responsibilities through separate proposed standards. Financial requirements form another part of the package, alongside rules governing asset holdings and transactions. www.asic.gov.au
The proposals therefore raise broader questions about trust and transparency in crypto: who controls customer assets, how obligations are documented and what safeguards support the platform’s operations.
What Happens Next?
Businesses and other stakeholders can respond through ASIC’s consultation process before the November deadline.
ASIC is also proposing streamlined licensing processes for certain existing licensees and applicants to support the transition. The scope of each business’s obligations will depend on its activities and the final requirements. ASIC
Conclusion
Australia is moving from legislation toward the operational rules governing digital asset platforms. ASIC’s consultation gives businesses an opportunity to assess the proposed requirements before the April 2027 commencement date, while leaving the detailed standards subject to revision.
