Where things stand
On 8 April 2026, the Corporations Amendment (Digital Assets Framework) Act 2026 (DAF Act) received Royal Assent – see our article.
On 20 April 2026, ASIC released its 18-month roadmap for licensing, supervising and enforcing the new regime governing digital asset platforms (DAPs) and tokenised custody platforms (TCPs). The roadmap provides early visibility on the topics ASIC expects to consult on and the sequence in which new standards and guidance will be developed.
How ASIC plans to roll out the regime
The roadmap is divided into three phases:
- Engagement and early consultation (months 1–6): ASIC will convene stakeholder roundtables and establish an industry advisory group to begin consulting on regulatory guidance and operational standards to be formalised through legislative instruments. Access to the INFO 225 class no-action position will also expire in June.
- Standards and guidance (months 6–12): ASIC expects to publish a new Regulatory Guide for DAPs and TCPs to clarify how the new regime operates and who will need a licence. ASIC also intends to finalise instruments prescribing asset-holding, transactional and settlement and financial standards.
- Licensing (months 12–18): DAP and TCP operators can lodge financial services licence applications, with regulatory relief available while applications are assessed. From month 18 onwards, the new regime will be fully implemented, with ASIC commencing ongoing supervision and enforcement.
ASIC to consult on standards and regulatory guidance
The DAF Act contemplates ASIC developing specific standards for DAP and TCP operators, with three categories in focus:
- Asset-holding standards (section 912BE) – to be developed with reference to the principles-based framework under RG 133, addressing segregation of client assets, trust and custody arrangements, client withdrawal rights, reconciliation and reporting, and oversight of service providers.
- Transactional and settlement standards (section 912BF) – to be informed by the market integrity rules framework, addressing fair and orderly operation, best execution, pre and post trade transparency, listing and admission criteria, trade surveillance, operational resilience, settlement practices and market maker arrangements.
- Financial requirements – anticipated to include a cash needs (liquidity) requirement, a net tangible asset requirement and a periodic auditor review.
ASIC has indicated that new standards and guidance will be developed in line with its broader regulatory simplification work and will be principles-based. Additional guidance will be provided where necessary.
ASIC also intends to update existing regulatory guidance, including RG 1 (applying for and varying an AFS licence) and RG 166 (financial requirements), to incorporate references to DAPs and TCPs. Other regulatory guides and information sheets will be updated as appropriate over time.
What’s next
ASIC’s next steps include arranging stakeholder roundtables and discussion and developing a consultation package on standards and guidance.
The Digital Assets Framework will commence on 9 April 2027, and the transition period will end in October 2027.