Australia Unveils Crypto Rules Ahead of 2027 Rollout, Amid Industry Calls for Greater Clarity
Key Summary
Australia's securities regulator has proposed capital, custody, and trading standards for crypto platforms, seeking feedback ahead of a 2027 rollout. The proposals include alternative capital models, restrictions on trading for personal accounts, and quarterly reporting of wallets holding customer assets. Industry stakeholders welcome the clarity, but express concerns about the implementation timeline.
Proposed Capital Models
ASIC proposes three alternative capital models, including one requiring operators without third-party custody arrangements to hold at least $9.7 million in net tangible assets or 10% of average revenue.
Restrictions on Trading
The regulator proposes restrictions on platforms trading for their own account and accepting benefits to favor particular tokens, targeting potential conflicts of interest.
Quarterly Reporting
ASIC also proposes quarterly reporting of wallets holding customer assets.
Offshore Custody
The regulator allows offshore custody while seeking feedback on safeguards if an overseas parent or related company fails.
Industry Response
Industry stakeholders welcome the proposals, but express concerns about the implementation timeline. OKX Australia CEO Shange Chandra says the standards will drive industry consolidation and reward operators who have already invested in compliance.
ASIC, Digital Economy Council of Australia, OKX Australia, Shange Chandra
Regulatory Enforcement
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Australia's securities regulator proposes capital, custody, and trading standards for crypto platforms, seeking feedback ahead of a 2027 rollout. The proposals include alternative capital models, restrictions on trading, and quarterly reporting of wallets holding customer assets. Industry stakeholders welcome the clarity, but express concerns about the implementation timeline.
A photo of a person sitting in front of a computer, with a cryptocurrency exchange website open on the screen, displaying the Australian flag and the logo of a major cryptocurrency exchange.