Key facts
- ASIC proposes three alternative capital models for crypto platforms.
- Platforms will face restrictions on trading for their own account.
- Quarterly reporting of wallets holding customer assets is proposed.
- Offshore custody is proposed, with feedback sought on safeguards.
- Feedback on the proposals is due November 27.
Australia's securities regulator, ASIC, has initiated a public consultation on new capital, custody, and trading requirements for cryptocurrency platforms. These proposals are part of the implementation of digital asset legislation passed in April, which aims to expand regulatory oversight of the industry. The new framework is slated to take effect on April 8, 2027, with final standards expected in March of that year. Feedback on the proposed rules is due by November 27.