Australia’s securities regulator has opened a consultation on proposed rules for crypto platforms, taking the next step toward implementing a digital-asset framework approved by Parliament in April. The proposals would set requirements for capital, custody, reporting and trading conduct, with the new law scheduled to take effect in April 2027.
According to Cointelegraph, the Australian Securities and Investments Commission (ASIC) is seeking feedback on standards intended to clarify how crypto operators can obtain a licence, protect customer assets and meet financial obligations. The consultation is part of ASIC’s 18-month implementation roadmap for the Corporations Amendment (Digital Assets Framework) Act.
ASIC Commissioner Alan Kirkland said the proposed guidance reflects the growing role of digital assets and tokenisation, including in more traditional areas of the financial system. The consultation gives businesses and industry groups an opportunity to comment before the regulator finalises its approach.
Capital requirements and customer-asset safeguards
One of the central issues is how much financial strength crypto platforms should be required to maintain. ASIC is considering three alternative capital models, with the precise impact depending in part on a platform’s custody arrangements.
Under one proposed model, operators that do not use qualifying third-party custody arrangements would need to hold net tangible assets of at least 14 million Australian dollars, equivalent to about $9.7 million, or 10% of average revenue, whichever amount is higher.
The Digital Economy Council of Australia said it would examine whether the proposed models are proportionate for businesses of different sizes, including any concessions linked to third-party custody. OKX Australia CEO Shane Chandra described the standards as demanding but said they would favour operators that have already invested in compliance, capital and custody systems.
The regulator is also proposing to permit offshore custody. At the same time, it is asking whether Australian operators should have emergency access to private keys if an overseas parent company or related entity fails. Private keys are the credentials used to control crypto assets, making access arrangements a key part of protecting customers when assets are held outside Australia.
Platforms would also need to provide ASIC with information about their custody-wallet structures and addresses every quarter. Relevant records would have to be retained for seven years. Thomsons partner Liam Hennessy said the reporting proposal reflects, in part, the Australian market’s reliance on offshore infrastructure, where digital assets are often held because of the global nature of the industry.
Proposed limits on platform trading
ASIC is seeking to address potential conflicts of interest in the way platforms operate. Its proposals would restrict platforms from trading for their own account and from accepting benefits for favouring particular tokens.
The restrictions could affect businesses that combine customer order matching with other trading activities. Hennessy said an order-matching digital-asset platform would generally be prevented from trading as principal on its own venue, while related corporate entities would also be restricted from trading as principal through it. The proposal includes model-specific exceptions, meaning groups that rely on an affiliated market maker may need to assess the details closely.
The rules are intended to establish clearer boundaries between serving customers and trading against them or otherwise benefiting from platform decisions. However, the consultation is not yet the final regulatory position, and ASIC is inviting responses on how the proposed standards would work across different business models.
The Digital Economy Council welcomed the move toward practical implementation after years of discussion about regulatory reform. Chandra said the framework could contribute to consolidation in the sector by putting greater pressure on businesses that have not yet invested in compliance, capital or custody arrangements.
Timeline and current market picture
Feedback on ASIC’s consultation is due by Nov. 27. The regulator aims to publish final standards and guidance in March 2027. The law is scheduled to begin on April 8, 2027, while operators will have until Oct. 7, 2027, to apply for the relevant licence. They will be allowed to continue operating while ASIC assesses their applications.
The consultation therefore sets out the compliance timetable ahead of the formal start of the framework, while leaving important details open to industry feedback. Those details include the appropriate capital model, safeguards for offshore custody and the scope of restrictions on proprietary trading and affiliated market makers.
Moneyiar market data, recorded at 21:18 on Oct. 15, 2026, showed mixed performance among the listed assets:
- Cap (CAP) was priced at $0.0792161297, up 3.5% over 24 hours and 7.07% over seven days.
- Four (FORM) was priced at $0.2558860437, down 0.71% over 24 hours and 3.35% over seven days.
The other supplied readings were recorded earlier: Capricorn (APR) stood at $0.131504117 on Oct. 6 at 14:14, down 2.15% over 24 hours but up 0.59% over seven days; REAL (ASSET) was $0.1927052765 on Oct. 8 at 18:54, up 3.26% over 24 hours but down 2.28% over seven days. These market figures are separate from Australia’s regulatory consultation and do not indicate how the proposed rules will affect any individual asset.
