Australia seeks feedback on crypto platform rules ahead of 2027 rollout — SkimNews
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- ASIC opened consultation on proposed capital, custody, and trading requirements for crypto platforms, following Parliament's April passage of the Corporations Amendment (Digital Assets Framework) Act.
- ASIC is weighing three alternative capital models, including one requiring operators without qualifying third-party custody to hold at least A$14 million ($9.7M) in net tangible assets or 10% of average revenue, whichever is greater.
- ASIC proposes allowing offshore custody while seeking feedback on emergency access to private keys if an overseas parent or related company fails, and would require quarterly reporting of custody wallet structures and addresses with seven-year record retention.
- ASIC also proposes restricting platforms from trading for their own account and accepting benefits to favor particular tokens, targeting conflicts of interest — a move Thomsons partner Liam Hennessy said could test existing trading models for groups relying on affiliated market makers.
- ASIC Commissioner Alan Kirkland said the standards acknowledge the increasing role of digital assets and tokenization in traditional parts of the financial system.
- OKX Australia CEO Shange Chandra welcomed the proposals, telling Cointelegraph they are "appropriately onerous" and will reward compliant operators while challenging those who delayed investment — a dynamic the Digital Economy Council of Australia's Amy-Rose Goodey also called a significant milestone.
- ASIC is accepting feedback through Nov. 27, aiming to publish final standards and guidance in March 2027; the law takes effect April 8, 2027, with operators required to apply for licenses by Oct. 7, 2027.
Why it matters: An A$14 million ($9.7M) minimum capital floor for crypto platforms without third-party custody — set against a licensing deadline of Oct. 7, 2027 — sets a concrete compliance bar that smaller operators may struggle to meet, accelerating industry consolidation toward incumbents that have already invested in custody and capital infrastructure, as OKX Australia's CEO explicitly endorsed.
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