The proposed guidance and standards would give crypto operators greater clarity on requirements to obtain a license, safeguard customer assets and meet financial requirements under the new framework. The consultation follows Parliament’s passage of the Corporations Amendment (Digital Assets Framework) Act earlier this year.
“ASIC’s release of CP 392 is an important milestone for Australia’s digital asset industry, Amy-Rose Goodey, CEO of the Digital Economy Council of Australia, told Cointelegraph. “After years of engagement on regulatory reform, it’s encouraging to see the focus shift towards practical implementation.”
OKX Australia CEO Shange Chandra also welcomed the proposals, saying they could drive industry consolidation.
“These standards are appropriately onerous,” he told Cointelegraph. “They will reward operators who have already invested in compliance, capital and custody. They will challenge operators who have waited to make that investment.”
Capital, custody and trading rules in focus
ASIC is weighing three alternative capital models, including one requiring operators without qualifying third-party custody arrangements to hold at least 14 million Australian dollars ($9.7 million) in net tangible assets or 10% of average revenue, whichever is greater.
“We’ll be working closely with our members to examine the three proposed capital models in considerable detail, particularly their proportionality across businesses of different sizes and the concessions available for third-party custody,” Goodey said.
“From our perspective, it is not at all contentious that this level of resourcing and care should be taken when clients entrust you with their assets,” said Chandra.
The regulator has also proposed allowing offshore custody, while seeking feedback on whether Australian operators should have emergency access to private keys if the overseas parent or custodian fails.
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“The proposal not to mandate domestic custody is also significant, recognizing the global nature of digital asset markets,” Goodey said.
ASIC also proposes restrictions on platforms trading for their own account and accepting benefits to favor particular tokens, targeting potential conflicts of interest.
“The proposed restrictions on principal trading, affiliated liquidity arrangements and best execution requirements will also warrant careful consideration, given their implications for how Australian exchanges operate and access liquidity,” Goodey said.
Chandra also called for a streamlined license process for established firms with a track record of compliance.
The consultation forms part of ASIC’s 18-month implementation roadmap, published after the Digital Assets Framework Act was passed in April.
Feedback is due Nov. 27, with ASIC aiming to publish final standards and guidance in March 2027. The law is set to take effect on April 8, 2027, and operators will have until Oct. 7, 2027, to apply for the relevant license and can operate while ASIC assesses their applications.
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