ASIC Digital Asset Rules Consultation Runs Until November 27

Australia has opened the next stage of its crypto rulebook, and firms that hold customer tokens have until late November to say what they think. On October 15, 2026, ASIC published its draft ASIC digital asset rules for platforms and tokenised custody.

The top of the ASIC media release, number 26-245MR. Source: ASIC.

What ASIC put out for comment

Consultation Paper 392 is the vehicle. It sits under the Corporations Amendment (Digital Assets Framework) Act 2026, which ASIC shortens to the DAF Act. That law starts on 8 April 2027.

The package has three parts. There is draft guidance on how to comply, proposed standards for asset-holding, trading and settlement, and proposed financial requirements for licensees. ASIC also published a user guide to help people find their way through the paper.

Commissioner Alan Kirkland described the approach as "same activity, same risk, same regulatory outcome." He said it should line Australia up with comparable overseas regulators.

Who the ASIC digital asset rules cover

The act creates two new categories. A digital asset platform holds digital tokens for clients and provides related services. A tokenised custody platform records assets held for clients as digital tokens.

The guidance reaches further than those two. It also covers how the ASIC digital asset rules apply to existing licensees, market participants, payments providers and any business that deals with digital assets.

The list of obligations and the closing date for submissions. Source: ASIC.

What firms would have to do

ASIC's draft guidance says firms will need to apply for or vary an Australian financial services licence. They would also provide customer disclosure documents and platform rules. Where relevant, they must meet asset-holding standards, transaction and settlement standards, and net tangible asset requirements.

For firms already in the system, ASIC proposes a shorter route. Existing licensees, and businesses that applied under its earlier Information Sheet 225, could add platform or custody authorisations through a streamlined process. ASIC says the aim is a smooth transition.

How many firms are already waiting

The release gives a rare count. ASIC has recorded over 140 applications from businesses wanting to offer digital asset financial services. More than 110 of them came in under Information Sheet 225 during the sector-wide no-action period, which ran from October 2025 to 30 September 2026.

That no-action window changed along the way. The period began in October 2025, and in June 2026 ASIC widened its scope and moved the end date to 30 September. That date has gone, so this consultation is the next step.

Dates to know

Submissions are open until 5pm AEDT on 27 November 2026, and ASIC lists an email address for them in the release. The law itself commences on 8 April 2027. That leaves about four and a half months between the close of consultation and the start date.

ASIC says it will hold events and targeted roundtables during the period. It also notes that the government is doing parallel design work, so the full picture may still move. This article reports a regulator's proposals and does not say how any exchange will respond.