The next steps for comprehensive regulatory coverage for digital assets in Australia has now been taken.

Following the passage of the Corporations Amendment (Digital Assets Framework) Act 2026 (DAF Act), the Australian Securities and Investments Commission (ASIC) has released its implementation roadmap, providing industry with a structured path toward a regulated environment for digital asset platforms (DAPs) and tokenised custody platforms (TCPs).

Note these provisions do not include stablecoins and other digital payment services and products, which will be regulated under AFSL upgrades expected later this year.

From April 2027, these platforms will be brought within the financial services licensing regime, with ASIC responsible for licensing, supervision, and enforcement.

The DAF Act introduces an 18-month implementation period for DAP and TCP AFS licensing. ASIC’s roadmap breaks this into clear phases:

Months 1–6: Consultation and groundwork

ASIC will begin engaging closely with industry through stakeholder roundtables and advisory groups.

At the same time, consultation will commence on regulatory guidance and operational standards for DAPs and TCPs.

A key immediate change is that the existing INFO 225 class no-action position expires in June 2026. Businesses will need to ensure they are compliant with current licensing requirements during the transition.

Months 6–12:

ASIC will release a new Regulatory Guide outlining how the laws apply and who requires an AFS licence, setting formal standards covering asset holding, transactional and settlement processes and licence financial requirements.

These standards are expected to align closely with existing frameworks, including RG 166 financial requirements.

Months 12–18:

Operators of DAPs and TCPs will be able to submit Australian Financial Services Licence (AFSL) applications and continue operating under transitional regulatory relief while applications are assessed

From Month 18:

From April 2027, the regime becomes fully operational. ASIC will license and supervise DAPs and TCPs and enforce compliance with the new laws and standards.

Key implications for DAPs and TCPs include:

• Licensing: If you operate a DAP or TCP, you will likely require an AFSL
• Governance and systems will be scrutinised: Particularly custody, settlement, and financial resilience
• Timing: The 18-month window allows for preparation
• Regulatory expectations: Consultation will shape the final requirements.

King Irving is closely tracking these developments to ensure clients have a seamless transition to the new regulatory environment.

Contact us today for help with adapting your business.