According to its October 15 announcement, the Australian Securities and Investments Commission opened Consultation Paper 392, seeking feedback on proposed guidance and standards for digital-asset platforms and tokenised custody platforms.
The consultation advances implementation of Australia’s Digital Assets Framework. The framework is scheduled to bring those operators within the financial-services licensing framework from April 8, 2027.
ASIC’s proposals cover asset holding, transaction and settlement processes, financial requirements, licensing guidance and platform rules for affected operators.
CP 392 proposed standards
CP 392 is ASIC’s consultation on the operational framework proposed for platforms caught by the new regime. It addresses three areas: asset-holding requirements, transactional and settlement requirements, and financial requirements.
Digital-asset platforms and tokenised custody platforms are the subjects of the consultation. ASIC has framed the paper as proposed standards and guidance for implementation of the new laws, rather than as a final set of obligations.
The consultation materials include proposed licensing guidance alongside the platform rules. That places the paper at the point where the forthcoming legal framework is being translated into expectations for affected operators. ASIC’s CP 392 consultation page identifies the exercise as covering both digital-asset platforms and tokenised custody platforms.
Submission deadline and 2027 start
ASIC has set a deadline of 5 p.m. AEDT on November 27, 2026, for submissions on CP 392. The deadline provides the immediate formal opportunity for stakeholders to respond to the proposed standards and licensing guidance before the regime’s scheduled start.
Australia’s Digital Assets Framework is scheduled to commence on April 8, 2027. On that date, digital-asset platforms and tokenised custody platforms are due to enter the financial-services licensing framework, according to ASIC’s roadmap for digital-assets law reform implementation.
The consultation is therefore focused on standards intended to support the transition before that commencement date. ASIC’s consultation paper specifies the November 27, 5 p.m. AEDT submission cutoff.
