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Australia targets crypto exchanges with stiffer safeguard rules ahead of 2027 deadline
- On Thursday, the Australian Securities and Investments Commission opened a consultation on proposed capital, custody, and trading rules for cryptocurrency platforms, aiming to integrate digital asset oversight into the country's financial services framework.
- The consultation follows Parliament's passage of the Corporations Amendment Act 2026 earlier this year, addressing regulatory gaps exposed by the 2022 FTX collapse that left about 30,000 Australian customers unable to access their money.
- ASIC is weighing three alternative capital models, including one requiring operators without qualifying third-party custody to hold at least $9.7 million in net tangible assets or 10% of average revenue, alongside restrictions on platforms trading for their own accounts.
- Industry participants must submit feedback by November 27, 2026. Amy-Rose Goodey, CEO of the Digital Economy Council of Australia, noted the significance of recognizing global market structures, while OKX Australia CEO Shange Chandra welcomed potential for industry consolidation.
- Final guidance is expected in March 2027, with the framework taking effect on April 8, 2027. Existing operators have until October 7, 2027, to apply for required authorizations while continuing to trade under assessment.
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How Will Australia Crypto Rules Change Exchanges in 2027?
Australia crypto rules are moving toward stricter oversight for exchanges and digital asset custodians as the country’s financial regulator opens a consultation on new standards. The Australian Securities and Investments Commission said the proposals would require firms to protect customer funds, provide transparent trading and meet financial requirements under laws that take effect next year.… The post How Will Australia Crypto Rules Change Exc…
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