Platforms · Software · Providers · Markets
ASIC outlines the proposed framework
ASIC has opened consultation on guidance for Australian digital asset businesses ahead of new laws taking effect on 8 April 2027. Consultation Paper 392, Digital asset law reform implementation: Proposed standards and guidance, sets out the regulator's proposed approach to the framework created by the Corporations Amendment (Digital Assets Framework) Act 2026, or DAF Act.
Operators would have to obtain an Australian financial services (AFS) licence. ASIC also proposes requiring them to provide customer disclosure documents and maintain rules for their platforms.
The regulator has proposed standards for holding assets, trading and settlement, alongside financial requirements for licensees. Net tangible asset requirements would apply where relevant. ASIC Commissioner Alan Kirkland said the approach is intended to reflect digital assets' growing place in financial markets and apply comparable regulatory outcomes to comparable risks.
Who falls within the regime
The law creates two types of platform. A digital asset platform (DAP) holds digital tokens for clients and provides related platform services. A tokenised custody platform (TCP) records assets held for clients in token form. ASIC's proposed guidance also reaches businesses providing financial services connected to these products, existing AFS licensees, market participants and payments providers that use or deal in digital assets.
ASIC is proposing a streamlined authorisation route for current AFS licensees and firms that sought approval under Information Sheet 225 (INFO 225) when applying to add DAP or TCP permissions. The consultation closes at 5pm AEDT on 27 November 2026. ASIC has received more than 140 applications from firms seeking to offer digital asset-related financial services, including more than 110 during the INFO 225 no-action period from October 2025 to 30 September 2026.
Earlier changes to INFO 225, covered in Finance Magnates' reporting, began with an update in October 2025. ASIC widened the no-action position in June 2026 and moved its deadline to 30 September 2026. ASIC published its regime implementation roadmap in April 2026.
Proposed controls span three areas
- Customer disclosures and platform rules.
- Standards for asset holding, trading and settlement.
- Financial requirements, including net tangible assets where relevant.
The integration question
For operators, the first task is to map services against the DAP and TCP definitions, then check whether existing permissions cover the proposed activities. That review can identify which customer disclosures, platform rules and asset-holding or settlement controls may need to change before the new regime begins.
ASIC's account does not specify technical implementation details or quantify the operating cost. Firms will need to establish how the proposed standards fit their custody records, transaction processing and settlement controls, and what evidence they will need to demonstrate compliance. The consultation is the point to ask how the financial requirements apply to each licence type and when any system or reporting changes must be ready.
Operations teams can use the consultation period to identify which services may fall into either platform category and where existing licence permissions could be insufficient. They should also seek clarity on how ASIC expects firms to evidence asset holding and settlement against the proposed standards, and whether the proposed financial requirements change their current reporting or control processes.
