Australia's ASIC Seeks Input on Capital and Custody Rules for Crypto Firms

The Australian Securities and Investments Commission (ASIC) is seeking public comment on capital, custody and trading standards for crypto platforms as a new licensing law approaches in 2027. The proposal follows Parliament's passage in April of the Corporations Amendment (Digital Assets Framework) Act. ASIC's consultation is part of an 18-month rollout plan and outlines standards for financial resources, customer-asset protection and licensing. ASIC is considering three alternative capital models. Under one, platforms without qualifying third-party custody would need net tangible assets of at least $9.7 million or 10% of average revenue, whichever is greater.

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