With a new regulatory framework for the crypto sector due to take effect a year from now, the Australian Securities and Investments Commission (ASIC) is setting out its plans for developing standards and guidance for digital asset platforms and tokenized custody platforms.
New legislation was passed and received Royal Assent earlier this month that will introduce a new licensing regime, subject to an 18-month implementation period — that will require the ASIC to register and oversee these platforms starting April 9, 2027.
Against that backdrop, the regulator announced its plans for consulting on the standards and guidance that will be required as part of the new regime.
To start, ASIC will be launching industry roundtables and consultations over the next six months, followed by the adoption of new implementation guidance and regulatory standards (including asset-holding standards, transactional and settlement standards and financial requirements) over the next six to 12 months.
After that, firms will be expected to apply for registration under the new regime, and they’ll be able to operate under regulatory relief until their applications are processed — with full implementation, including ASIC enforcement, expected by October 2027.