ASIC issues roadmap for digital assets law reform

ASIC said it will be issuing new regulatory guidance and set out certain operations standards as it prepares to implement new laws which will bring digital asset platforms (DAPs) and tokenised custody platforms (TCPs) under the financial services licensing regime from April 2027.

The Corporations Amendment (Digital Assets Framework) Act 2026 (DAF Act) passed Parliament on 1 April 2026, received Royal Assent on 8 April 2026, and will commence on 9 April 2027. The DAF Act provides for an 18-month implementation timeline.

Under the new regime, ASIC has been tasked with licensing and supervising the platforms and will enforce the law as required.

As it prepares for the implementation, ASIC has released a roadmap for the new regime, including expected timelines and approaches to consulting on the new standards and guidance, including early indications of the content that will be covered.

In the first six months, ASIC said stakeholder roundtables and discussions will take place, including through regular Fintech Liaison Meetings.

An industry advisory group will also be established, as announced in March 2026.

ASIC will also use this time to consult with industry on regulatory guidance and operational standards, which will be set out in legislative instruments.

In addition, access to the INFO 225 class no-action position will expire in June. Entities will need to comply with existing licensing requirements throughout the implementation of the law reforms.

Between six and 12 months, the new Regulatory Guide for DAPs and TCPs will be released, covering how the new law operates and who is likely to require a licence under the regime.

Regulatory instruments will also be made and standards will be set for the operators of DAPs and TCPs, including asset-holding standards, transactional and settlement standards and financial requirements.

Between 12- and 18-months DAP and TCP operators will be able to lodge financial service licence applications and operate under regulatory relief until their applications are processed.

From 18 months full implementation of the new regime, including ASIC supervision and enforcement, should have been achieved.

"As part of the implementation process, ASIC intends to set certain standards for operators of DAPs and TCPs as contemplated by the DAF Act," ASIC said.

"ASIC will consult on standards, including asset-holding standards (s912BE); transactional and settlement standards (s912BF); and financial requirements, similar to how we already implement these in Regulatory Guide 166 AFS licensing: Financial requirements (RG 166)."

ASIC added it intends to produce some regulatory guidance about the new laws, standards and how it will license and supervise firms.

"While we do not intend to repeat any existing regulatory guidance, we are considering navigation aids (e.g. a catalogue or index) to help industry with the existing guidance," it said.

During the transition period, ASIC said it plans to seek views on a range of topics, including the need for new regulatory guidance; its approach to applying discretion in the regime, where appropriate; standard conditions that apply to platform licensees; and a potential streamlining of the licence variation process for certain cohorts of firms.

"ASIC will develop any new standards and guidance in line with our broader regulatory simplification work," ASIC said.

"We expect the guidance will be principles-based, and additional guidance will only be provided where necessary. This may mean that not all issues can, or will be, addressed by our guidance."