Roadmap for digital asset reforms
ASIC has released its roadmap for implementing the Corporations Amendment (Digital Assets Framework) Act 2026 (Cth) (DAF Act), marking a significant milestone in the regulation of digital assets in Australia. The DAF Act was passed by Parliament on 1 April 2026, received Royal Assent on 8 April 2026, and is expected to commence from April 2027.
Digital assets are non-physical assets that exist in digital form and represent value. They are typically issued, stored, owned, and transferred using blockchain technology or other digital systems. While cryptocurrencies such as Bitcoin are the most well-known example, digital assets extend to stablecoins, central bank digital currencies, and digital representations of real-world assets such as shares, bonds, or commodities.
The DAF Act amends the Corporations Act 2001 (Cth) (Corporations Act) to extend the Australian financial services licence (AFSL) regime to certain digital asset activities. In particular, the DAF Act introduces two new classes of financial products under the Corporations Act:
Digital Asset Platforms (DAPs), including facilities through which an operator holds digital tokens for itself or on behalf of another person; and
Tokenised Custody Platforms (TCPs), including facilities where an operator identifies and holds assets (other than money) and issues a single digital token for each asset, conferring on the holder the right to redeem or direct delivery of that asset.
Operators of DAPs and TCPs will be required to hold an AFSL and comply with the obligations applicable to AFSL holders. The regime does not capture digital asset issuers or entities using digital assets for non‑financial purposes.
ASIC implementation roadmap
Months 1-6
ASIC will conduct stakeholder roundtables and establish industry advisory groups, alongside consultation on regulatory guidance and operational standards. Importantly, during this phase, the DAP and TCP amendments will not apply to a provider that does not hold an AFSL authorising the relevant service. Where a provider applies for the necessary authorisation, the amendments will not apply until the day after ASIC makes a decision on the application.
Months 6-12
ASIC will release a new Regulatory Guide for DAPs and TCPs, setting out how the regime operates and clarifying which entities are likely to require an AFSL. ASIC will also make regulatory instruments establishing standards for platform operators, including asset‑holding standards, transaction and settlement requirements, and financial resource obligations.
Months 12-18
During this period, DAP and TCP operators may lodge AFSL applications and continue operating under regulatory relief while ASIC processes those applications.
The new digital asset regulatory framework is expected to be fully implemented by October 2027. Market participants should begin assessing whether their activities fall within the expanded AFSL regime and take early steps to prepare for licensing and compliance under the new regime.
Resources:
ASICs roadmap for digital assets law reform implementation: https://www.asic.gov.au/about-asic/news-centre/news-items/asic-s-roadmap-for-digital-assets-law-reform-implementation/
Corporations Amendment (Digital Assets Framework) Act 2026 (Cth): https://www.ato.gov.au/law/view/pdf/acts/20260038.pdf