ASIC has opened consultation on the proposed guidance and standards that will support Australia’s new regulatory framework for digital asset platforms and tokenised custody platforms, commencing 8 April 2027.

The proposed framework brings these activities within the existing financial services regulatory system, with a focus on consumer protection and consistent regulatory outcomes.

Under these proposals, affected businesses may need to:

– Obtain or vary an Australian financial services licence (AFSL)

– Provide customer disclosure documents (called DAP/TCP Guides)

– Provide contractually binding platform rules covering eligibility, settlement methods, external liquidity sources and who bears the counterparty risk

– Meet requirements for holding client assets, transaction and settlement, and financial resources.

ASIC is also proposing streamlined licensing processes for existing licensees to help businesses transition to the new framework. There is a 6 month transition period after 8 April 2027 to apply for an AFSL or variation of an existing AFSL to meet these new requirements.

ASIC is seeking feedback from industry participants on its proposed approach. Submissions close at 5pm AEDT on 27 November 2026.

Businesses operating in the digital asset sector, as well as existing financial services licensees dealing with digital assets, should consider how the proposed requirements may affect their operations and licensing obligations.

Note also, that the bulk of the new payment licensing laws affecting payment service providers and stable coin issuers, amongst other products and services, are still to come.

As a leader in digital asset and payments licensing, King Irving will continue to monitor these developments as the regulatory framework takes shape. If you have any questions, please get in touch with our team.