Australia's regulator seeks feedback on crypto platform rules before 2027 implementation

Australia's securities regulator, ASIC, opened a consultation on proposed capital, custody, and trading requirements for crypto platforms ahead of implementing legislation passed in April. Proposals include three alternative capital models, restrictions on platforms trading for their own account, and quarterly reporting of wallets holding customer assets. ASIC also proposes allowing offshore custody while seeking feedback on safeguards if an overseas parent or related company fails. ASIC Commissioner Alan Kirkland said the proposals acknowledge the increasing role of digital assets and tokenization in traditional finance.