ASIC proposed that platforms holding over A$100,000 in client money maintain at least A$50,000 in surplus liquid funds, while platform-issued stablecoins are excluded from net tangible asset calculations.

Laws and rules for fiat-pegged tokens, from the US GENIUS Act to Europe's MiCA, covering reserves, licensing and yield restrictions.

Licensing, custody, and market-conduct rules for platforms where people trade digital assets, shaped by collapses like FTX and jurisdictional disputes between regulators.

Rules for who may hold digital assets on behalf of others and how, covering qualified custodians, banking charters, and the accounting treatment of custodied crypto.