The proposed framework establishes two regulated categories: digital asset platforms and tokenized custody platforms. Under the Corporations Amendment Act 2026, these entities must obtain an Australian Financial Services license to operate legally. The regulator expects to finalize its guidance by March 2027, with the formal licensing regime commencing on April 8. Existing operators are granted until October 7, 2027, to submit their applications, during which time they may continue service provision.
Commissioner Alan Kirkland emphasized that the rules follow a principle of "same activity, same risk, same regulatory outcome." To ensure solvency, ASIC is weighing three capital requirement models. The most stringent proposal mandates that platforms without third-party custody maintain at least A$14 million in net tangible assets or 10% of their average revenue. Other models offer lower thresholds based on business structure, such as whether the firm acts as a market principal or a neutral venue.
Beyond capital requirements, the consultation addresses market integrity and asset security. Platforms will be required to implement robust controls against market manipulation and provide clearer data on order execution. While the regulator is not mandating that all assets be stored domestically, it is demanding strict record-keeping for digital wallets and blockchain addresses to facilitate effective oversight. ASIC has already processed over 140 license applications, signaling significant industry preparation ahead of the transition period.
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