ASIC consults on new digital asset laws: what platforms need to know

On 15 October 2026, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 392 (CP 392). It sets out how ASIC proposes to implement Australia’s new regime for digital asset platforms and tokenised custody platforms.

The new regime starts on 8 April 2027. If your business holds crypto-assets or other tokens for customers, or tokenises real-world assets, CP 392 is the clearest picture yet of what ASIC will expect from you.

Key points at a glance

• The Corporations Amendment (Digital Assets Framework) Act 2026 (Cth) (DAF Act) creates two new financial products: digital asset platforms (DAPs) and tokenised custody platforms (TCPs).
• The DAF Act commences on 8 April 2027. Operators will need an Australian financial services (AFS) licence that covers the new platforms.
• CP 392 includes a draft regulatory guide and draft standards on asset holding, trading and settlement, and financial requirements.
• ASIC proposes a streamlined licensing process for existing AFS licensees and businesses that applied under INFO 225.
• Submissions close at 5pm AEDT on 27 November 2026.

What is the new digital assets framework?

The DAF Act received Royal Assent on 8 April 2026. It amends the Corporations Act 2001 (Cth) to bring two kinds of platform into the financial services regime:

• Digital asset platforms, where an operator holds digital tokens (such as crypto-assets) on behalf of clients, along with related platform services such as trading.
• Tokenised custody platforms, where an operator holds real-world assets for clients and records those holdings as digital tokens.

The platform itself is the financial product, not the tokens held on it. That means operators will need an AFS licence with the right authorisation, and will be subject to the usual AFS licensee obligations plus new platform-specific rules.

There is a limited exemption for small platforms that stay under set transaction and per-customer limits, subject to conditions. Existing operators also get a transition window after commencement to apply for a licence or a variation.

What is ASIC consulting on?

CP 392 is a large package. It includes:

• a draft regulatory guide on DAPs and TCPs, explaining how the new laws apply
• draft asset-holding standards for how client assets must be held
• draft transactional and settlement standards for trading and settlement on DAPs, and
• draft financial requirements, including net tangible asset requirements for platform operators.

ASIC notes that the draft instruments are preliminary and may change considerably. Some of the regulatory design is also being developed by Government in parallel.

Who does the guidance cover?

According to ASIC’s media release, the proposed guidance covers:

• operators of DAPs and TCPs, and others providing financial services in relation to these products, and
• existing AFS licensees, market participants, payments providers and other businesses that use or deal with digital assets.

So this isn’t only relevant to crypto exchanges. Traditional financial services businesses that are starting to use tokenisation should read it too.

What will platform operators need to do?

ASIC’s proposed guidance says firms will need to:

• apply for, or vary, an AFS licence
• provide customer disclosure documents and platform rules, and
• comply with the asset-holding standards, transactional and settlement standards, and net tangible asset requirements, where relevant.

A faster path for some applicants

ASIC proposes to streamline the licensing process for existing AFS licensees, and for businesses that applied for an authorisation in response to Information Sheet 225 (INFO 225), when they add a DAP or TCP authorisation. ASIC says it has recorded over 140 digital asset-related applications, including more than 110 made under INFO 225.

What ASIC said

ASIC Commissioner Alan Kirkland said ASIC’s approach is based on the principle of “same activity, same risk, same regulatory outcome”, which aligns Australia with comparable overseas jurisdictions.

He said bringing these platforms into the financial services framework means consumers can have greater confidence when trading digital assets, while the implementation aims to balance innovation and growth with the protections Australians expect.

How this fits with INFO 225

The DAF Act is a new regime, but the existing financial services law already applies to many digital assets. ASIC updated INFO 225 in October 2025 to explain how, and gave the sector a temporary no-action position while businesses applied for licences.

That no-action position was extended once and ended on 30 September 2026. Businesses that needed a licence under the existing law and have not applied are now exposed. The DAF Act transition is a separate track and does not cure that.

Key dates for the digital assets framework

What should businesses do now?

• Work out whether you’re caught. Map your products and services against the DAP and TCP definitions, and check whether any exemption could apply.
• Check your current licence position. If you needed a licence under the existing law, the INFO 225 no-action position has now ended.
• Read the draft standards closely. Asset-holding, settlement and capital requirements are likely to drive real changes to systems, custody arrangements and balance sheets.
• Plan your licence application or variation. Think about authorisations, responsible managers, compliance arrangements, disclosure documents and platform rules.
• Make a submission. If the proposals would be difficult or costly for your business, raise it before 27 November 2026 at fintech@asic.gov.au.

Digital asset laws FAQs

When do the new digital asset laws start?

The DAF Act commences on 8 April 2027, 12 months after it received Royal Assent.

Do I need an AFS licence to run a digital asset platform?

Generally yes, from commencement, unless an exemption applies. Existing operators will have a transition window to apply, but should not leave it late.

Does the DAF Act regulate stablecoins?

Not directly. Payment stablecoins are being dealt with in separate payments reforms. However, a platform that holds stablecoins for clients may still be a DAP.

Can I comment on ASIC’s proposals?

Yes. ASIC is accepting submissions until 5pm AEDT on 27 November 2026 at fintech@asic.gov.au. ASIC has also published a user guide to help navigate the package.

Need help with the new digital asset laws?

We help fintechs, platforms and financial services businesses with AFS licence applications and variations, and with regulatory submissions. Find out more about our licensing services.

Alternatively, you can give us a call, send us a message or book a call with us by clicking the buttons below.

This article is general information only and is not legal advice. It reflects the law and information available at the date of publication. Please contact us for advice about your circumstances.