Australia’s securities regulator, ASIC, has opened a consultation on proposed rules for crypto platforms, setting the stage for the implementation of legislation passed in April 2024. The proposals include three capital models, restrictions on platforms trading for their own accounts, and quarterly reporting of customer asset wallets. ASIC also seeks feedback on allowing offshore custody and safeguards in case of failures by overseas custodians.
ASIC Commissioner Alan Kirkland emphasized the growing role of digital assets and tokenization in the financial system. The consultation aims to provide clarity on licensing, asset safeguarding, and financial requirements under the new framework. Industry leaders like Amy-Rose Goodey of the Digital Economy Council of Australia and OKX Australia CEO Shange Chandra welcomed the proposals, noting they could drive industry consolidation and reward compliant operators.
The regulator is considering three capital models, with one requiring operators without third-party custody to hold at least 14 million Australian dollars or 10% of average revenue. Feedback on these models, offshore custody, and trading restrictions is due by November 27. ASIC plans to publish final standards by March 2027, with the law taking effect on April 8, 2027.