In April this year, Australia passed legislation recognising digital asset and tokenised custody platforms as two new types of financial products. These reforms establish a bespoke regulatory framework for custodial digital asset exchanges and trading platforms that is integrated within the existing Australian financial services framework. Today, ASIC released its draft guidance, standards and financial requirements which support these reforms. For exchanges, the headline items are new capital requirements, restrictions on trading against clients, new best execution obligations and a long list of operational rules. The consultation is open until 27 November 2026.
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Authors: Steven Pettigrove, Partner spettigrove@piperalderman.com.au Will Deeb, Associate wdeeb@piperalderman.com.au |
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