ASIC’s 15 October Consultation Paper 392 moves Australia’s digital-asset platform law into implementation design. It asks how digital asset platforms and tokenised custody platforms should be licensed and supervised, with comments due by 5pm AEDT on 27 November 2026. The attached instruments are preliminary drafts whose final form may change considerably.[1][2]
The practical shift is wider than a new licence label. A platform may need to map the legal entity that holds client assets, the route by which a trade settles, the disclosure supplied to customers and the capital available to absorb operational or custody failures. Existing brokers and payments businesses using digital assets are also within the consultation’s intended audience.[1][2]
Four implementation layers are being designed
What CP 392 puts on the table
| Layer | Draft focus | Why it matters |
|---|---|---|
| Regulatory guidance | How the new DAP and TCP products and related financial services fit the Corporations Act framework. | Determines which activities and entities need an AFS licence or licence variation.Source 1Source 2 |
| Asset holding | Standards for custody and other asset-holding activity. | Separates the platform interface from the entity and controls responsible for client property.Source 1Source 2 |
| Trading and settlement | Transactional and settlement standards for platform activity. | Makes execution, recordkeeping and completion of transfers part of the operating model rather than an afterthought.Source 1Source 2 |
| Financial resources | Proposed net tangible asset and related financial requirements. | Adds balance-sheet and resilience questions to the licensing assessment.Source 1Source 2 |
Current-law licensing and the 2027 framework overlap
Australia already applies technology-neutral financial-services law to many digital-asset products. ASIC’s INFO 225 transition addressed businesses that may already require AFS, market or clearing and settlement permissions. The new DAP and TCP regime adds a product-specific framework rather than erasing those existing obligations.[1][5][3]
Different firms face different licensing work
| Business position | Likely implementation question | Current status |
|---|---|---|
| Existing AFS licensee | Whether current authorisations are sufficient or DAP/TCP permissions must be added. | ASIC proposes a streamlined route for existing licensees.Source 1 |
| INFO 225 applicant | How an application made under current law is extended into the new platform regime. | ASIC proposes streamlining for applicants that acted during the transition.Source 1Source 5 |
| New DAP or TCP operator | Which entity operates the platform, holds assets and provides the regulated services. | Application or variation work should be built around the final standards and guidance.Source 1Source 2 |
| Broker, payments provider or market participant | Whether its own use, distribution, custody or settlement of digital assets amounts to a regulated service. | CP 392 expressly addresses existing financial-services and payments businesses as well as dedicated crypto firms.Source 1 |
The Act supplies the commencement date
The legal implementation plan can therefore use 8 April 2027 for the Act’s commencement, while separately tracking the application and transition provisions of the final ASIC instruments. The consultation deadline remains 27 November 2026 at 5pm AEDT.[7][2][1]
The application pipeline is already substantial
ASIC has recorded more than 140 applications from businesses seeking to provide digital-asset-related financial services. More than 110 arrived in response to INFO 225 during the sector-wide no-action period from October 2025 to 30 September 2026; approximately 30 had been reported in June. The earlier no-action position was conditional and did not prevent action against egregious conduct. The figures show the concentration of applications near its end.[1][5]
What a serious response needs to test
A useful submission can test the proposed standards against the platform’s actual operating model: assets held through affiliates or sub-custodians, recording of failed or reversed transactions, capital requirements for each business model, and customer documents explaining the legal claim to an asset. Those examples test whether comparable activity and risk receive comparable protection.[1][2]
The next milestones are the consultation close and publication of final standards and guidance. Their detailed conditions and transition arrangements will determine the licensing and operating changes required before the new regime begins.[2][1][4]
Sources & further reading
- ASIC consults on implementation of new digital asset laws Australian Securities and Investments Commission · 15 Oct 2026 · Accessed 16 Oct 2026
- CP 392: Digital asset law reform implementation — proposed standards and guidance Australian Securities and Investments Commission · 15 Oct 2026 · Accessed 16 Oct 2026
- Deadline looms for digital asset businesses to apply for a licence Australian Securities and Investments Commission · 1 Jun 2026 · Accessed 16 Oct 2026
- Final call for firms to act before ASIC’s digital asset licensing deadline Australian Securities and Investments Commission · 1 Sep 2026 · Accessed 16 Oct 2026
- ASIC extends no-action position for digital asset businesses to 30 September 2026 Australian Securities and Investments Commission · 25 Jun 2026 · Accessed 16 Oct 2026
- Corporations Amendment (Digital Assets Framework) Act 2026 Federal Register of Legislation · 8 Apr 2026 · Accessed 16 Oct 2026
- Corporations Amendment (Digital Assets Framework) Act 2026 — section 2 commencement table Federal Register of Legislation · 8 Apr 2026 · Accessed 20 Oct 2026