ASIC Seeks Feedback on Proposed Crypto Platform Rules

Australia’s financial regulator has opened consultation on proposed standards for cryptocurrency platforms, covering customer-asset custody, trading and settlement practices, and financial requirements ahead of a new licensing framework scheduled to begin in 2027. The Australian Securities and Investments Commission said submissions on Consultation Paper 392 are due by 5 p.m. Australian Eastern Daylight Time on November 27, 2026. ASIC expects to publish final guidance and standards in March 2027. The proposals remain open to change following feedback. The framework is scheduled to commence on April 8, 2027. Existing operators covered by the rules will have until October 7, 2027, to apply for a licence or seek changes to an existing licence. Businesses that apply within the transition period may continue operating while ASIC assesses their applications, subject to applicable conditions. The draft standards address how platforms hold and safeguard customer assets, maintain custody records, disclose trading information and manage conflicts of interest. They also set out proposed requirements for settlement procedures and financial resources.