- ASIC opened consultation on 15 October on standards and guidance for crypto exchanges and tokenised custody platforms.
- Two of three capital options would require exchanges holding client assets themselves to keep AU$14 million in net tangible assets.
- The new regime starts on 8 April 2027, and submissions on the proposals close on 27 November.
Crypto exchanges that hold customers’ coins themselves could need AU$14 million (US$9.66 million) in net tangible assets under rules the Australian Securities and Investments Commission (ASIC) proposed on Thursday.
The figure sits in Consultation Paper 392, ASIC’s draft standards and guidance for the Corporations Amendment (Digital Assets Framework) Act 2026. The paper also covers licensing, custody and trading. ASIC is taking submissions until 5 p.m. AEDT on 27 November.
Parliament passed the law on 1 April, weeks after a Senate committee backed the bill.
ASIC set out three models for the capital requirement. Each model gives a concession to operators that hand all client assets to a third-party custodian. Those operators would need at least AU$200,000 (US$138,000).
Without a third-party custodian, operators face the full requirement under Models 1 and 2, or 10% of average revenue if that is greater. Model 2 would cut it to AU$7 million (US$4.83 million) for platforms that hold no financial products.
Model 3 starts lower, at AU$2 million (US$1.38 million), and adds fixed sums by business type. A platform trading as principal with its clients would add AU$1 million (US$690,000). ASIC said Model 1 mirrors the rules for investor-directed portfolio services, while Model 3 scales better for smaller platforms.
A separate proposal would stop licensees counting stablecoins that they or their associates issue or hold towards those amounts.
Read more: Australian Bitcoin Miner IREN Reportedly Signs Multiyear AI Cloud Deal With Anthropic
Custody and Trading Rules
ASIC proposes not to require that client assets be held in Australia. It wants custody locations disclosed instead. ASIC is also seeking views on whether local operators need emergency access to private keys if an overseas parent fails.
On trading, platforms would keep seven years of records of client instructions and trading messages. Platforms that match orders would have to run them in a fair, orderly and transparent way. They would also need to be able to suspend accounts, cancel orders and reverse transactions. Any platform that cuts off a client over suspected misconduct would have to notify ASIC.
The regulator has recorded more than 140 applications from digital asset businesses. More than 110 of them arrived under its no-action position, which gave firms until 30 September to lodge a licence application.
Bringing digital asset platforms and tokenised custody platforms into the financial services regulatory framework means consumers can have greater confidence when trading digital assets.
Commissioner Alan Kirkland. Read more: Ripple and Privy Bring XRP Ledger Wallets Into Developer Apps
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