Australia’s corporate regulator has published its proposed rulebook for crypto platforms and tokenised custody services, setting out what firms will have to do once the country’s new digital asset law takes effect on 8 April 2027. The documents are proposals. The Australian Securities and Investments Commission (ASIC) is asking for feedback, and nothing in them is final yet.
ASIC said on Thursday, 15 October 2026, that it had “today commenced consultation on guidance and standards to implement new laws for digital asset platforms and tokenised custody platforms.”
What ASIC has published
The proposals are in Consultation Paper 392, Digital asset law reform implementation: Proposed standards and guidance (CP 392). They are designed to implement the framework introduced by the Corporations Amendment (Digital Assets Framework) Act 2026, known as the DAF Act.
According to ASIC, the package includes:
- draft guidance on how to comply with the new laws;
- proposed standards for asset-holding activities;
- proposed standards for trading and settlement activities; and
- proposed financial requirements for licensees.
ASIC also published a user guide to help people find their way through the package.
Who it covers
The DAF Act creates two new categories, which ASIC describes in its release:
- Digital asset platforms (DAPs), which involve holding digital tokens on behalf of clients, along with associated platform services.
- Tokenised custody platforms (TCPs), which are arrangements that record underlying assets held for clients as digital tokens.
ASIC says its proposed guidance explains how the framework applies to operators of these platforms and others providing financial services for them. It also covers existing Australian financial services (AFS) licensees, market participants, payments providers and other businesses that use or deal with digital assets.
What firms would have to do
Under the proposed guidance, ASIC says firms will need to:
- apply for an Australian financial services licence, or vary an existing one;
- provide customer disclosure documents and platform rules; and
- comply with asset-holding standards, transactional and settlement standards, and net tangible asset requirements, where relevant.
ASIC is also proposing a faster licensing route for existing AFS licensees, and for firms that had already applied for an authorisation under its earlier guidance (Information Sheet 225), when they add DAP or TCP authorisations. It says the aim is a smooth transition to the new regime.
The package also sets out proposed financial requirements for licensees, including net tangible asset requirements. TSN has not checked the detailed figures against the consultation paper itself, so we are not reporting them here.
What the regulator says
ASIC Commissioner Alan Kirkland said: “Our proposed guidance and standards acknowledge the increasing role of digital assets and tokenisation, including in traditional parts of the financial system.”
“Our approach is based on the principle of ‘same activity, same risk, same regulatory outcome’ to align Australia with the approach of comparable overseas jurisdictions,” he said. “Bringing digital asset platforms and tokenised custody platforms into the financial services regulatory framework means consumers can have greater confidence when trading digital assets.”
He added that ASIC’s approach “is designed to balance facilitation of innovation, investment and growth with maintaining the protections that Australians expect.”
How Australia got here
ASIC set out a roadmap for implementing the new regime in April 2026, according to the release. Before that, its Information Sheet 225 explained how existing laws apply to digital assets, and it was updated in October 2025 after an earlier consultation.
ASIC gave the industry a sector-wide “no-action” position while firms transitioned. In June 2026 it extended that position to 30 September 2026, which it described as “a pragmatic response to industry transition challenges.”
Demand for licences is already significant. ASIC says it has recorded “over 140 applications” from businesses seeking to provide digital asset-related financial services. That includes “more than 110” applications received during the no-action period, which ran from October 2025 to 30 September 2026.
ASIC also says the package refers to regulatory design work that the government is developing at the same time, so that the industry can “see a complete picture of the future approach.”
What to watch
The consultation is open until 5pm AEDT on 27 November 2026, and submissions go to fintech@asic.gov.au. ASIC says it will also hold events and targeted roundtables with stakeholders during the consultation period. The new law starts on 8 April 2027, so the final shape of the rules, and how much they change after feedback, will matter to every crypto exchange and custodian serving Australians.
What this means
- Rules are taking shape, not final. CP 392 is a proposal open for comment until 27 November.
- Licences become central. Crypto platforms and custodians will need an AFS licence or variation under the new law.
- Heavy interest already. ASIC says more than 140 firms have applied to provide digital asset-related services.
Sources
- ASIC, Media release 26-245MR, “ASIC consults on implementation of new digital asset laws”, 15 October 2026. https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-245mr-asic-consults-on-implementation-of-new-digital-asset-laws
- ASIC, CP 392 Digital asset law reform implementation: Proposed standards and guidance. https://www.asic.gov.au/regulatory-resources/find-a-document/consultations/cp-392-digital-asset-law-reform-implementation-proposed-standards-and-guidance
