Australia’s ASIC opens consultation on crypto capital and custody rules

Australia’s securities regulator has opened the next phase of crypto licensing: how much capital platforms must hold and how they must custody customer assets. ASIC published consultation paper CP 392 on Thursday, Cointelegraph reported, building on the Corporations Amendment (Digital Assets Framework) Act passed earlier in 2026.

What is on the table

The proposals cover:

• Three alternative capital models, including one that would require operators without qualifying third-party custody to hold at least A$14 million ($9.7 million) in net tangible assets or 10% of average revenue, whichever is greater.
• Quarterly reporting of wallets that hold customer assets, with records kept for seven years.
• Allowing offshore custody, while seeking views on emergency access to private keys if an overseas parent or custodian fails.
• Limits on proprietary trading and on accepting benefits to favour particular tokens, aimed at conflicts of interest.

ASIC Commissioner Alan Kirkland said the guidance recognises the growing role of digital assets and tokenisation in traditional finance.

Industry reaction

Digital Economy Council of Australia CEO Amy-Rose Goodey called the paper an “important milestone” after years of reform talks. OKX Australia CEO Shange Chandra said the standards look “appropriately onerous” and will favour operators that already invested in compliance, capital and custody.

Legal commentary noted that order-matching platforms could face new constraints on trading as principal on their own venues — with model-specific exceptions that affiliated market-makers will need to study closely.

Timeline

Feedback closes 27 November 2026. ASIC aims to publish final standards in March 2027. The law takes effect 8 April 2027; operators have until 7 October 2027 to apply for the relevant licence and may operate while applications are assessed.