Under one model proposed by ASIC in Consultation Paper 392 on October 15, 2026, platforms without qualifying third-party custody must hold at least A$14 million in net tangible assets or 10% of average revenue

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.