ASIC Seeks Feedback on Capital, Custody and Trading Rules for Crypto Platforms, Aiming to Implement by 2027

Odaily reports — The Australian Securities and Investments Commission (ASIC) has launched public consultation on proposed capital, custody and trading requirements for crypto platforms, with the rules aimed at complementing digital asset legislation passed in April to expand oversight of the industry.

The proposals include three capital models, restrictions on platforms conducting proprietary trading, and quarterly reporting of wallets holding client assets. ASIC also proposes allowing offshore custody and is seeking feedback on safeguards in the event that an overseas parent company or affiliate fails.

One of the models would require platforms that do not adopt qualifying third-party custody arrangements to hold at least A$14 million (about US$9.7 million) in net tangible assets, or 10% of average revenue, whichever is higher. Feedback is due by November 27, and ASIC plans to publish final standards and guidance in March 2027.

The related law will take effect on April 8, 2027, and operators must apply for a license by October 7 of the same year, while being allowed to continue operating during ASIC's review of their applications. (Cointelegraph)