Australia’s securities regulator (ASIC) launched Thursday a consultation on proposed capital, custody and trading requirements for crypto platforms, as it prepares to implement the digital assets legislation passed in April. The proposals include three alternative capital models, with one requiring operators without qualifying third-party custody arrangements to hold at least 14 million Australian dollars ($9.7 million) in net tangible assets or 10% of average revenue. ASIC also proposes allowing offshore custody while seeking feedback on emergency access to private keys in case of foreign custodian failure. Feedback is due November 27, with final standards expected in March 2027 and the law set to take effect on April 8, 2027.
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