Crypto Asset Platform licensing (Treasury reforms 2024-2025)
Treasury scoping CASP regime for digital asset platforms.
Who must comply
Operators (issuers) of digital asset platforms and tokenised custody platforms, such as crypto custody and exchange businesses that hold tokens for clients, and anyone providing financial services relating to those platforms, including existing AFS licensees whose current authorisations do not cover these services.
What triggers it
Providing a financial service relating to a digital asset platform or tokenised custody platform on or after 8 April 2027.
When due
From commencement on 8 April 2027 there is a 6-month transition period. A provider without the right AFSL authorisation can continue during that period, and beyond it until ASIC decides, if it applies to ASIC for a new licence or a variation within the 6 months; if it does not apply, the new requirements apply immediately after the transition period ends.
Evidence required
AFSL application or variation request lodged with ASIC within the transition period, and the licence conditions granted; platform rules setting eligibility criteria, client obligations and the settlement method, with the required client disclosures; records of possession, safeguarding, reconciliation and reporting of underlying assets to meet any ASIC asset-holding standards; client and token-holder registers.
Max penalty
After the transition period, providing these financial services without an AFSL authorising them falls under the Corporations Act 2001 licensing requirements and their penalties; penalty amounts were not restated here.
Who must comply with this? The applicability test by industry, business structure and size.
Summary
The Corporations Amendment (Digital Assets Framework) Act 2026 (No. 38, 2026) received Royal Assent on 8 April 2026 and commences on 8 April 2027. It amends the Corporations Act 2001 to bring two new kinds of financial product into the financial services regime: digital asset platforms, where an operator possesses digital tokens for or on behalf of clients, and tokenised custody platforms, where an operator holds non-money assets and creates a digital token for each that confers a right to redeem it. Providing financial services relating to issuing such a platform will require an Australian financial services licence authorising that service. Licensed platforms must have platform rules covering client eligibility, client obligations and the settlement method, with disclosure of settlement, liquidity and counterparty risk, and ASIC may set asset-holding standards for safeguarding, record-keeping and reconciliation. The Minister may declare platforms to be, or not to be, financial markets or clearing and settlement facilities, and public digital token infrastructure is excluded from the financial product definitions.
Enforced by
Industries
Topics
Related
- CWLTHCrypto Asset Secondary Service Provider (CASSPr) licensing reformsTreasury consultation 2024 on bespoke crypto licensing — separate from AFSL.
- CWLTHStablecoin payments licensing — Treasury reforms (in scoping)Treasury reforms scoping payment stablecoin licensing under PSP regime.
- CWLTHPayment Service Provider (PSP) licensing reform — implementation pendingTreasury reform of payments licensing to capture digital wallets + Buy Now Pay Later + stored value.
- CWLTHComply with Stored Value Facility rules (banking exception)SVF providers must operate within APRA + Treasury rules on purchased payment facility regulation.
- CWLTHCrypto-Asset Reporting Framework (CARF) — implementation 2026-2027AU adopts the OECD CARF for crypto reporting; reporting expected from 2027, first international exchange ~2028 (per Dec 2025 MYEFO).
Frequently asked questions
- Who must comply with Crypto Asset Platform licensing (Treasury reforms 2024-2025)?
- Operators (issuers) of digital asset platforms and tokenised custody platforms, such as crypto custody and exchange businesses that hold tokens for clients, and anyone providing financial services relating to those platforms, including existing AFS licensees whose current authorisations do not cover these services.
- What triggers Crypto Asset Platform licensing (Treasury reforms 2024-2025)?
- Providing a financial service relating to a digital asset platform or tokenised custody platform on or after 8 April 2027.
- When is Crypto Asset Platform licensing (Treasury reforms 2024-2025) due?
- From commencement on 8 April 2027 there is a 6-month transition period. A provider without the right AFSL authorisation can continue during that period, and beyond it until ASIC decides, if it applies to ASIC for a new licence or a variation within the 6 months; if it does not apply, the new requirements apply immediately after the transition period ends.
- What is the maximum penalty for Crypto Asset Platform licensing (Treasury reforms 2024-2025)?
- After the transition period, providing these financial services without an AFSL authorising them falls under the Corporations Act 2001 licensing requirements and their penalties; penalty amounts were not restated here.
- What evidence is required for Crypto Asset Platform licensing (Treasury reforms 2024-2025)?
- AFSL application or variation request lodged with ASIC within the transition period, and the licence conditions granted; platform rules setting eligibility criteria, client obligations and the settlement method, with the required client disclosures; records of possession, safeguarding, reconciliation and reporting of underlying assets to meet any ASIC asset-holding standards; client and token-holder registers.
Source: https://www.legislation.gov.au/C2026A00038/latest/text. Rules Mate is not a law firm. Always verify against the live regulator source before acting.