Australia writes the rulebook for crypto exchanges: ASIC sets out custody, trading and capital standards for a regime that starts April 8, 2027

Australia's markets regulator has set out how it intends to police crypto exchanges and custodians once the country's new digital asset law takes effect next April. The Australian Securities and Investments Commission released Consultation Paper 392 on Thursday, covering draft guidance, proposed standards for holding assets, trading and settlement, and net tangible asset requirements for licensees. Submissions are open until 5pm AEDT on November 27, and CoinDesk reported that final guidance is expected in March 2027.

The package implements the Corporations Amendment (Digital Assets Framework) Act 2026, which brings digital asset platforms and tokenised custody platforms inside the Australian financial services licence system from April 8, 2027. Firms will need to apply for or vary a licence, give customers disclosure documents and platform rules, and meet the asset-holding and settlement standards. ASIC proposes a streamlined path for firms that already hold a licence or applied under its earlier guidance. CoinDesk reported that existing businesses can keep operating while their applications are assessed, provided they apply by October 7, 2027.

Commissioner Alan Kirkland said the approach follows the principle of "same activity, same risk, same regulatory outcome" and lines Australia up with comparable overseas regimes. The regulator says the proposed trading rules address market manipulation, conflicts of interest and how exchanges handle customer orders. Stablecoins used for payments are being dealt with separately under Australia's payment reforms. ASIC plans roundtables with industry during the consultation, and the government is running parallel design work on the wider regime.