Responding to ASIC proposals regarding digital assets licensing, providers and stablecoin issuers have said it will boost Australia’s global standing and promote greater innovation.
Last week, ASIC released a consultation for digital asset platform operators regarding whether they would need an AFSL.
The regulator has commenced consultation on guidance and standards to implement the new framework for digital asset platforms and tokenised custody platforms, with the laws commencing on 8 April 2027.
The package includes draft guidance on the new laws, proposed standards for asset-holding, trading and settlement activities, and proposed financial requirements for licensees.
Under the proposed guidance, firms would need to apply for or vary an Australian financial services licence (AFSL), provide customer disclosure documents and platform rules, and comply with relevant standards and net tangible asset requirements.
The guidance covers platform operators and others providing financial services for the new products, alongside existing AFS licensees, market participants, payments providers and other businesses that use or deal with digital assets.
ASIC is also proposing to streamline licensing processes for existing AFSLs adding digital asset platform or tokenised custody platform authorisations.
Commenting to Investor Daily on the proposals, AUDC, which offers the Australian Digital Dollar Stablecoin (AUDD), said the announcement is another important step in building a trusted, end-to-end digital money ecosystem.
AUDC was granted an AFSL in February 2026 providing authorisation for the provision of regulated non-cash payment facilities. Other AFSLs have been granted by the corporate regulator to Macropod and Swyftx.
“For stablecoin issuers, the significance extends beyond the platforms the proposed requirements directly cover. Stablecoins depend on a broader ecosystem of exchanges, custodians, payment providers and financial institutions to make digital money accessible and useful. The integrity of that infrastructure matters as much as the issuer’s regulatory standing.
“Clearer standards for digital asset platforms, particularly around custody, safeguarding client assets and settlement, should give financial institutions and customers greater confidence in the infrastructure through which stablecoins are accessed and used.”
AUDC has operated AUDD since November 2022 and participated in multiple government-led and regulator-supported pilots exploring the role of digital money in payments and settlement, including Project Acacia which involved the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre (DFCRC).
Project Acacia’s finding were released in May and found digital money and tokenised assets could materially improve the efficiency, resilience and functionality of Australia’s wholesale financial markets.
Among the key findings was that programmable settlement and smart contract functionality could compress settlement cycles, reduce operational errors and improve collateral efficiency by freeing up capital tied to lengthy settlement windows.
Meanwhile, Shane Chandra, CEO of crypto exchange OKX Australia, said ASIC’s proposals should help improve Australia’s innovation in the space and welcomed the fact that digital assets were being held to similar standards as traditional vehicles.
“The standout is ASIC taking care to apply the principle of ‘same activity, same risk, same regulatory outcome’. This came from months of preparatory consultation that ASIC has conducted with leading participants to build an understanding of Australia’s digital assets industry landscape.
“Digital assets do not need special treatment; this paper holds us to the same standards as traditional finance. With this clarity, mature digital assets firms will be able to offer innovative products to the Australian market within an established regulatory regime.
“For the wider digital asset market in Australia, the biggest practical implication will be consolidation. These standards are appropriately onerous. They will reward operators who have already invested in compliance, capital and custody. They will challenge operators who have waited to make that investment. That’s a good outcome for Australian consumers.”
Both AUDC and OKX agreed the consultation shows the regulator is paying attention to domestic activity, it said, which will help the country’s global standing.
“Australia has an opportunity to establish itself as a credible participant in the global digital money economy. ASIC’s continued engagement with industry is important to ensure the final requirements are practical, proportionate, and support a competitive Australian market,” said AUDC.
OKX added: “ASIC has achieved a challenging goal with this paper. It has laid clear groundwork to apply established financial services principals to a modern, and fast paced, industry. The next step is to empower industry to build within that framework.”