ASIC digital asset rules set tougher bar for crypto platforms

Australia has published its first detailed draft of ASIC digital asset rules for crypto exchanges and custodians. The Australian Securities and Investments Commission opened consultation on Thursday on Consultation Paper 392, which sets out proposed standards and guidance for the new digital asset framework. The laws behind it take effect on April 8, 2027.

What happened

The package covers draft guidance on complying with the Corporations Amendment (Digital Assets Framework) Act 2026, proposed standards for asset-holding, trading and settlement, and financial requirements for licensees, according to ASIC's media release. It applies to two new categories: digital asset platforms, which hold tokens for clients, and tokenised custody platforms, which record client assets as tokens.

According to CoinDesk, the trading rules also cover manipulation, conflicts of interest and the handling of client orders. Firms already operating in Australia will have until Oct. 7, 2027 to apply for a licence and can keep trading while ASIC reviews their applications.

"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," ASIC Commissioner Alan Kirkland said. He added that bringing the platforms into the financial services framework should give consumers greater confidence, and that the guidance acknowledges the growing role of tokenisation "including in traditional parts of the financial system." ASIC said the package also refers to regulatory design work the government is developing in parallel, so industry can see the complete picture.

Why it matters

The proposals move Australia from a patchwork of guidance to a licensing regime closer to those in the EU, Singapore and Hong Kong, CoinDesk noted. The memory of FTX still shapes the debate: its 2022 collapse left about 30,000 Australian customers unable to access their money, the outlet said.

Demand to be inside the tent is already high. ASIC has logged over 140 licence applications tied to digital asset services, more than 110 of them filed while its industry-wide no-action relief ran between October 2025 and Sept. 30, 2026. It plans to streamline licensing for existing licensees and for firms that applied under that earlier guidance.

The ASIC digital asset rules join a busy global calendar, from the UK's crypto authorisation gateway to Thailand's crypto ETF rules. For exchanges, the practical burden sits in the net tangible asset requirements and the asset-holding standards.

What's next

Consultation closes at 5 p.m. AEDT on Nov. 27, 2026, and final guidance and standards are expected in March 2027, CoinDesk reported. ASIC plans events and roundtables during the consultation period.

Stablecoins used for payments are being handled separately through Australia's payments reforms, so issuers should not read CP 392 as the final word on them. The next milestone after the final ASIC digital asset rules is the April 8, 2027 start date.