Australia eyes A$14 million capital rule as crypto regulatory crackdown deepens
ASIC proposed stricter standards for Australian crypto exchanges and custodians ahead of a licensing regime taking effect in 2027. The rules would require stronger customer-asset safeguards, recordkeeping, custody-risk disclosures, token-listing assessments and controls against market misconduct, while restricting exchanges from trading against customers or favoring tokens. ASIC is consulting on three capital models, including requirements ranging from A$200,000 for some platforms using independent custodians to A$14 million or 10% of average revenue for others. Exchanges would retain oversight responsibility when outsourcing custody. The proposals also include quarterly wallet reporting, customer consent for certain asset uses, best-execution rules and limits on counting affiliated stablecoins as regulatory capital. Feedback is due Nov. 27, with final guidance expected in March 2027.
