ASIC proposed in Consultation Paper 392 an alternative capital model with a A$7 million net tangible asset threshold for platform operators that do not hold underlying assets classified as financial products

Comprehensive legal regimes for digital assets, such as the EU's MiCA and proposed US market-structure bills, defining how tokens are issued, traded, and supervised.

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