The consultation follows Parliament’s passage of digital asset legislation in April, with Australia’s securities regulator now proposing capital, custody and trading standards for crypto platforms.
Update (Oct. 15 at 5:35 am UTC): This article has been updated to include a comment from Thomsons partner Liam Hennessy.
Australia’s securities regulator opened consultation Thursday on proposed capital, custody and trading requirements for crypto platforms, as it prepares to implement legislation passed in April that expands oversight of the industry.&
The proposals include three alternative capital models, restrictions on platforms trading for their own account and quarterly reporting of wallets holding customer assets. ASIC also proposes allowing offshore custody while seeking feedback on safeguards if an overseas parent or related company fails.&
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