ASIC seeks feedback on crypto platform rules for 2027

Australia’s securities regulator ASIC has opened consultation on proposed rules for digital asset platforms and tokenised custody platforms, setting out how operators may have to protect customer assets, manage trading and meet financial requirements before a new regime starts in 2027. The proposals turn the broad framework in the Corporations Amendment (Digital Assets Framework) Act 2026 into practical standards for platforms and their licensees.

Which platforms would the proposed rules cover?

ASIC’s Consultation Paper 392 describes two types of platform. A digital asset platform, or DAP, holds digital tokens for clients and provides related platform services. A tokenised custody platform, or TCP, records underlying assets held for clients as digital tokens.

Under the new framework, operators of these platforms would need to apply for or vary an Australian financial services licence. ASIC says they would also need to provide customer disclosure documents and platform rules. Think of the licence as the entry point: the standards then set out how a platform must handle assets, transactions and its own finances. The proposed requirements may also apply to existing licensees and other businesses that provide financial services involving the new products.

How would the standards change platform operations?

The consultation package groups the proposals into guidance, asset-holding standards, transactional and settlement standards, and financial requirements. For customer assets, ASIC proposes standards covering segregation from the operator’s own assets, record keeping, reconciliation, security and clients’ ability to withdraw tokens. The proposals also address how assets should be held and used in line with client instructions.

For trading and settlement, ASIC is seeking views on matters including fair and orderly platform operation, execution practices, price disclosures, listing criteria, market-abuse monitoring and settlement arrangements. The proposed financial requirements include liquidity and net tangible assets requirements. ASIC says the standards may reflect different operating models, such as custody-only services, brokers and trading markets.

These are proposals, not final rules. ASIC’s consultation paper says the attached draft legal instruments are illustrative and their final form may change considerably. Its announcement on the consultation says the law is scheduled to commence on 8 April 2027.

When can stakeholders respond, and what happens next?

ASIC opened the consultation on 15 October 2026 and will accept submissions until 5pm AEDT on 27 November. The regulator says it will also meet stakeholders through events and targeted roundtables while the consultation is open. ASIC Commissioner Alan Kirkland described the approach as “same activity, same risk, same regulatory outcome,” linking the new platform rules to the existing financial services framework.

The consultation is a step in implementing the law: ASIC is asking how the licensing guidance and operational standards should work before the new regime begins. Feedback may inform the final instruments, so platforms, custodians and other affected businesses can use this period to identify how the proposed obligations fit their services.

Sources and documents

• Consultation Paper 392 — asic.gov.au
• announcement on the consultation — asic.gov.au