More than 140. That is how many businesses ASIC says have applied for authorisation to provide digital asset services, as it opened a consultation on 15 October on how exchanges and custodians should be run.
The proposals cover how firms safeguard customer funds, execute and settle trades, and meet financial requirements. They also address market manipulation, conflicts of interest and the handling of customer orders.
The timetable is firm even if the content is not. The consultation closes on 27 November, final guidance is expected in March 2027, and the rules start in April 2027.
Firms already operating can keep going if they apply for a licence by 7 October 2027, while ASIC reviews their applications. That is a long runway, close to six months after the rules begin, for businesses that handle other people’s money.
ASIC Commissioner Alan Kirkland described the approach as the same activity, the same risk and the same regulatory outcome, which is how Australia is aligning itself with the EU, Singapore and Hong Kong, all of which now have dedicated crypto regimes. Parliament passed the underlying law in April 2026.
The backdrop is familiar. CoinDesk linked the reforms to the FTX collapse, which left about 30,000 Australian customers unable to reach their money. Payment stablecoins are being handled separately under payment services reforms.
What is not yet known is the detail. The custody and capital requirements are the part that will decide which of those 140 applicants can afford to stay.
