The Corporations Amendment (Digital Assets Framework) Act 2026 (the DAF Act) passed the Australian Parliament on 1 April 2026, received Royal Assent on 8 April 2026, and will commence on 9 April 2027. On 20 April 2026, the Australian Securities and Investments Commission (ASIC) published its implementation roadmap setting out the regulatory guidance and operational standards it will develop over the 18-month transition period. The DAF Act and the ASIC roadmap are operative in the preparatory stage; the licensing regime itself does not take effect until April 2027.
The DAF Act establishes a financial services licensing regime for two new categories of regulated platform: digital asset platforms (DAPs) and tokenised custody platforms (TCPs), by inserting new provisions into the Corporations Act 2001 (Cth). DAPs are platforms where an operator holds digital tokens, functioning as exchanges or brokerages. TCPs are platforms where an operator holds non-money assets, such as gold or traditional financial products, and issues a 1:1 token representing an underlying right to redeem. ASIC is tasked with licensing, supervising, and enforcing against DAPs and TCPs. The DAF Act provides for an 18-month implementation timeline under which ASIC will consult on and set standards before the authorisation gateway opens.
Platform operators must plan for a two-stage obligation. During months 1-6 (April-October 2026), ASIC will conduct stakeholder roundtables and establish an industry advisory group. ASIC will also consult on standards covering: asset-holding standards (section 912BE of the Corporations Act), transactional and settlement standards (section 912BF), and financial requirements modelled on Regulatory Guide 166. The INFO 225 class no-action position expires in June 2026. Operators currently relying on INFO 225 must comply with existing licensing requirements throughout the transition. During months 6-12, ASIC will release its new Regulatory Guide for DAPs and TCPs and make the relevant regulatory instruments. In months 12-18, operators may lodge financial services licence applications and operate under regulatory relief pending processing of those applications.
The new standards ASIC proposes to consult on for transactional and settlement standards will cover: an obligation to operate the platform in a fair, orderly, and transparent manner; execution and trading practices including best execution; pre- and post-trade price transparency; listing and admission criteria; supervision of trading misconduct and market abuse; operational resilience; and appropriate record-keeping. Asset-holding standards will address holding assets on trust, segregation of client assets, client withdrawal rights, and supervision of service providers. Financial requirements will include a cash needs (liquidity) component, a net tangible assets component, and periodic auditor review. The Australian Parliament simultaneously preserved the INFO 225 guidance regime in force during the transition; all existing holders of AFS licences dealing in digital assets must continue to comply with licensing obligations without interruption.
Our firm advises digital asset businesses, tokenisation platform operators, and financial services licensees on Australian regulatory authorisation, licensing strategy, and engagement with ASIC consultation processes. We have a dedicated partner network covering Australian financial services regulation. Contact us to discuss the impact of the DAF Act on your operations: matters we handle include digital asset licensing, token classification, AFS licence variations, ASIC sandbox engagement, and platform compliance structuring.
Source: ASIC, "ASIC's roadmap for digital assets law reform implementation," published 20 April 2026, https://www.asic.gov.au/about-asic/news-centre/news-items/asic-s-roadmap-for-digital-assets-law-reform-implementation/ (confirmed 3 May 2026); Corporations Amendment (Digital Assets Framework) Act 2026 (Cth), Royal Assent 8 April 2026.
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