--- title: "ASIC Consults on Digital Asset Framework Rules for Platforms and Custodians" description: "Consultation Paper 392 outlines asset-holding, settlement, and financial standards under the DAF Act, with feedback open until Nov. 27, 2026." url: https://basisdesk.news/news/asic-consults-digital-asset-framework-platforms-custody published: 2026-10-15T10:06:43.448Z modified: 2026-10-15T10:06:43.448Z section: Regulation & Policy author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: neutral tickers: [] tags: [ASIC, Australia, custody, digital-asset-platforms, licensing, DAF-Act] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # ASIC Consults on Digital Asset Framework Rules for Platforms and Custodians Consultation Paper 392 outlines asset-holding, settlement, and financial standards under the DAF Act, with feedback open until Nov. 27, 2026. ## At a glance - **What happened:** ASIC published Consultation Paper 392 on Oct. 15, 2026, proposing operational, custody, and financial standards for digital asset platforms. - **Why it matters:** The paper outlines the concrete legal instruments that will govern Australian crypto trading platforms and tokenised custody providers under the DAF Act. - **Who is affected:** Operators of digital asset platforms (DAPs) and tokenised custody platforms (TCPs) in Australia. - **Takes effect:** 2026-11-27 - **What's next:** The public consultation period closes on Nov. 27, 2026. - **Status:** consultation - **Primary source:** [CP 392 Digital asset law reform implementation: Proposed standards and guidance | ASIC](https://www.asic.gov.au/regulatory-resources/find-a-document/consultations/cp-392-digital-asset-law-reform-implementation-proposed-standards-and-guidance) — asic.gov.au ## Key points - ASIC released CP 392 on Oct. 15, 2026, to implement the Corporations Amendment (Digital Assets Framework) Act 2026. - The package proposes standards for asset-holding, transactional settlement, and financial requirements for DAPs and TCPs. - The consultation period closes for industry and public feedback on Nov. 27, 2026. ## Editorial remark - **Context:** The consultation follows the passage of the Corporations Amendment (Digital Assets Framework) Act 2026, which set the legislative foundation for regulating Australian digital asset platforms and tokenized custodians. - **Impact:** Operators of digital asset platforms and tokenised custody platforms operating in Australia will be subject to binding asset-holding, settlement, and financial reserve standards once finalized. - **Watch:** Public comments on Consultation Paper 392 close on Nov. 27, 2026, after which ASIC will assess submissions before finalizing the 2027 legislative instruments. The Australian Securities and Investments Commission (ASIC) released Consultation Paper 392 on Oct. 15, 2026, launching a formal review to implement the Corporations Amendment (Digital Assets Framework) Act 2026 [1]. The package details proposed standards and regulatory guidance governing digital asset platforms (DAPs) and tokenised custody platforms (TCPs) [1]. Feedback on the proposal remains open through Nov. 27, 2026 [1]. ASIC's consultation materials package four core areas of supervision: new regulatory guidance covering DAPs and TCPs, asset-holding standards, transactional and settlement standards, and distinct financial requirements for platform operators [1]. These requirements are accompanied by preliminary drafts of legal instruments, including Draft Regulatory Guide 000, along with specific draft 2027 instruments targeting asset custody, transaction settlement, and balance-sheet requirements [1]. ASIC noted that these preliminary drafts are illustrative and could shift significantly ahead of final publication [1]. ## Implementation Roadmap and Standards The consultation aligns with ASIC's broader roadmap for digital asset law reform implementation and runs alongside parallel regulatory design work by the Australian Government [1]. According to ASIC, sharing the preliminary instruments is intended to give the digital asset sector a complete overview of the forthcoming framework [1]. The domestic push comes amid broader international efforts to define platform perimeters, such as initiatives like the [UK FCA perimeter guidance](https://basisdesk.news/news/uk-fca-perimeter-guidance-crypto-licensing-gateway) and the [CFTC's proposed retail regulatory regime](https://basisdesk.news/news/cftc-proposes-retail-crypto-asset-market-rules). Market participants subject to the prospective rules have until late November 2026 to submit commentary on the draft instruments ahead of potential formal enactment under the planned 2027 instruments [1]. ## FAQ **What is ASIC's Consultation Paper 392?** CP 392 is a consultation package released by ASIC seeking feedback on implementing the Corporations Amendment (Digital Assets Framework) Act 2026 for digital asset and tokenised custody platforms. **What areas do the proposed standards cover?** The proposals cover regulatory guidance for digital asset platforms and tokenised custody platforms, asset-holding standards, transactional and settlement standards, and financial requirements. **When is the deadline for public submissions?** Submissions and feedback on CP 392 must be submitted to ASIC by Nov. 27, 2026. ## Sources 1. [CP 392 Digital asset law reform implementation: Proposed standards and guidance | ASIC](https://www.asic.gov.au/regulatory-resources/find-a-document/consultations/cp-392-digital-asset-law-reform-implementation-proposed-standards-and-guidance) — asic.gov.au, 2026-10-15 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai