Corporations Amendment (Digital Assets Framework) Act 2026 (38 of 2026)

Schedule 1   Digital asset platforms and tokenised custody platforms

Part 2   Australian financial service licences

Division 1   Minimum standards, platform rules and prohibitions for licensees

Corporations Act 2001

37   After Subdivision A of Division 3 of Part 7.6

Insert:

Subdivision AA - Specific obligations for financial services businesses involving certain platforms

912BA Scope of this Subdivision

This Subdivision applies in relation to:

(a) a financial services licensee; and

(b) a digital asset platform or a tokenised custody platform;

to the extent that one or more of the financial services authorised by the licence relate to the issuing of the platform.

912BB Compliance with standards

The licensee must comply with the following standards to the extent that the standards relate to the financial services:

(a) the asset-holding standards;

(b) the transactional and settlement standards.

Note 1: This section is a civil penalty provision (see section 1317E).

Note 2: For the making of these standards, see sections 912BE and 912BF.

912BC Having adequate platform rules

The licensee must have platform rules for the platform that comply with subsection 912BG(1).

Note: This section is a civil penalty provision (see section 1317E).

912BD Compliance with declaration prohibiting transactions etc. involving certain financial products through certain platforms

The licensee must comply with a prohibition in force under section 912BH relating to the financial services and the platform.

Note: This section is a civil penalty provision (see section 1317E).

912BE Asset-holding standards

(1) ASIC may, by legislative instrument, make standards (the asset-holding standards ) that deal with the following in relation to each digital asset platform or tokenised custody platform issued by one or more financial services licensees:

(a) the activities or conduct of the licensees, or of the authorised representatives of the licensees, in relation to:

(i) possessing and safeguarding the underlying assets of the platforms; or

(ii) recordkeeping, reconciliation and reporting for the underlying assets of the platforms; or

(iii) using the underlying assets of the platforms;

(b) the provision by the licensees of supplementary services relating to the underlying assets of the platforms, including services concerning fund accounting, compliance monitoring, performance reporting, and tax;

(c) any matter prescribed by regulations made for the purposes of this paragraph.

Note 1: An asset includes a right (see section 9AB).

Note 2: Different standards may apply to different classes of assets (see subsection 33(3A) of the Acts Interpretation Act 1901).

(2) In considering whether to make a standard under subsection (1), ASIC must be reasonably satisfied that the proposed standard:

(a) is adequate, effective and appropriate for all digital asset platforms and tokenised custody platforms, including by being reasonably proportionate for differences in the size, scale or nature of such platforms; and

(b) requires any money held under a digital asset platform or tokenised custody platform (that is not an underlying asset of the platform) to be held in trust for, or on behalf of, a client under the platform; and

(c) provides to the operator of:

(i) a digital asset platform; or

(ii) a tokenised custody platform;

options for holding money for or on behalf of a client under the platform, to assist the operator to mitigate the impacts of a bank refusing to provide services ordinarily provided by a bank; and

(d) does not prohibit a licensee who issues a digital asset platform or tokenised custody platform from:

(i) providing particular services; or

(ii) arranging for particular services to be provided;

to clients under the platform; and

(e) does not prohibit a licensee who issues a digital asset platform, or a tokenised custody platform, from possessing digital tokens under the platform:

(i) in one address or location on public digital token infrastructure or similar infrastructure; or

(ii) in one wallet;

if the licensee's internal accounting system identifies the digital tokens as the client's; and

(f) includes any requirement or limitation, or achieves any outcome, prescribed by the regulations for the purposes of this paragraph.

912BF Transactional and settlement standards

(1) ASIC may, by legislative instrument, make standards (the transactional and settlement standards ) dealing with:

(a) the conduct of persons in relation to the underlying assets of:

(i) digital asset platforms; or

(ii) tokenised custody platforms;

issued by financial services licensees; and

(b) any matter prescribed by regulations made for the purposes of this paragraph.

(2) For the purposes of (but without limiting) subsection (1), the conduct the standards can deal with includes the following:

(a) facilitating acquisitions, disposals, encumbrances or settlements of the underlying assets of a digital asset platform or tokenised custody platform;

(b) matched principal trading and other execution models that involve the intermediary facilitation of such transactions;

(c) handling, prioritising and executing the instructions of a client under such a platform (including across different business models such as market operation, market making, liquidity provision, brokerage, or dealing);

(d) the conduct of persons engaged by the issuer of such a platform in relation to the performance of a function in any of the above paragraphs (including the conduct of authorised representatives, agents and subcontractors).

(3) In considering whether to make a standard under subsection (1), ASIC must be reasonably satisfied that the proposed standard:

(a) is adequate, effective and appropriate for all digital asset platforms and tokenised custody platforms, including by being reasonably proportionate for differences in the size, scale or nature of such platforms; and

(b) allows for a client under such a platform to direct the exercise, for or on the client's behalf, of specified rights that:

(i) relate to the underlying assets of the platform; and

(ii) are provided under the platform; and

(c) does not prevent the issuer of such a platform from sourcing liquidity from platforms operating:

(i) outside of this jurisdiction; and

(ii) with or without a licence under this Act; and

(d) requires the issuer of such a platform to:

(i) enter into an enforceable written arrangement with each person providing liquidity to, or pursuing market-making strategies through, the platform; and

(ii) monitor the activities or conduct of that person under the arrangement; and

(iii) enforce the arrangement; and

(e) includes any requirement or limitation, or achieves any outcome, prescribed by the regulations for the purposes of this paragraph.

912BG Platform rules of a digital asset platform or tokenised custody platform

Content of the platform rules

(1) The platform rules of a digital asset platform or tokenised custody platform issued by a financial services licensee must include:

(a) transparent and non-discriminatory eligibility criteria for identifying who can become a client under the platform; and

(b) any ongoing obligations of a client under the platform; and

(c) the method (the settlement method ) for executing client instructions to execute and settle transactions involving the acquisition or disposal of underlying assets of the platform; and

(d) a requirement for the licensee to disclose to a potential client under the platform:

(i) the settlement method for transactions involving the acquisition or disposal of underlying assets of the platform; and

(ii) whether external liquidity sources will be used in relation to such transactions and, if so, the extent to which the licensee remains responsible for the execution and settlement of such transactions; and

(iii) who bears any counterparty or operational risk during execution and settlement of such transactions; and

(iv) how any changes to the settlement method will be communicated to clients; and

(v) whether and how a client's acquisition of an underlying asset of the platform will be recorded in any legal or technical register; and

(vi) any other matter prescribed by the regulations for the purposes of this subparagraph; and

(e) information about the types of assets that are or will be available as underlying assets of the platform; and

(f) the method for how the licensee, or any custodian of the platform, will determine what assets are or will be available as underlying assets of the platform; and

(g) the arrangements for depositing, redeeming and directing the delivery of underlying assets in their actual form (rather than their money's worth); and

(h) any other rules prescribed by regulations made for the purposes of this subsection.

Note: The licensee must comply with this provision as it is part of the financial services law (see paragraph 912A(1)(c)).

Legal effect of the platform rules

(2) The platform rules of a digital asset platform or tokenised custody platform have effect as a contract under seal:

(a) between the licensee and each client under the platform; and

(b) if, under the platform, clients can have dealings with each other - between a client under the platform and each other client under the platform;

under which each of those persons agrees to observe the platform rules to the extent that they apply to the person and to engage in conduct that the person is required by the platform rules to engage in.

Note: A failure to comply with the platform rules may be a breach of an implied warranty (see section 12ED of the ASIC Act).

(3) However, if there is an inconsistency between the platform rules of the platform, and any of the following other instruments:

(a) the transactional and settlement standards;

(b) an instrument of a kind prescribed by the regulations for the purposes of this paragraph;

those other instruments prevail over the platform rules to the extent of the inconsistency.

912BH Prohibition by the Minister - transactions etc. involving certain financial products must not happen through digital asset platforms or tokenised custody platforms

Prohibition

(1) The Minister may, by legislative instrument, declare that conduct involving a specified financial product must not happen through:

(a) a specified digital asset platform; or

(b) a specified tokenised custody platform;

if one or more of the financial services authorised by an Australian financial services licence relate to the issuing of the platform.

Note 1: Such a licensee must comply with this prohibition (see section 912BD).

Note 2: The Minister could, for example, declare that a particular class of financial products must not be held as underlying assets of a particular digital asset platform or tokenised custody platform.

Note 3: A declaration may:

(a) declare one or more classes of conduct; or

(b) specify one or more (or all) classes of financial products or platforms;

(see subsection 13(3) of the Legislation Act 2003).

Note 4: In making a declaration, the Minister must have regard to the matters in subsection 912BI(1).

(2) The prohibition may apply:

(a) unconditionally or subject to specified conditions; and

(b) for a specified period or indefinitely (the prohibition duration ).

Varying or revoking a prohibition

(3) The Minister may, at any time by legislative instrument, make a declaration:

(a) varying a prohibition declared under subsection (1) to:

(i) impose conditions, or additional conditions, on the prohibition; or

(ii) vary or revoke any of the conditions on the prohibition; or

(iii) extend or shorten the prohibition duration (including as affected by any variation from a previous operation of this subparagraph); or

(b) revoking a prohibition declared under subsection (1).

(4) However, the Minister may only take action under subsection (3) after:

(a) giving notice, and an opportunity to make submissions on the proposed action, to each financial services licensee known by the Minister to be covered by the prohibition; and

(b) both:

(i) the Minister has caused a notice to be published on ASIC's website allowing a reasonable period within which each financial services licensee covered by the prohibition may make submissions on the proposed action; and

(ii) that period has ended.

912BI Prohibition by the Minister - matters to which the Minister has regard

(1) In considering whether to make a declaration under subsection 912BH(1) or (3) prohibiting conduct in relation to one or more financial products, the Minister must have regard to:

(a) the likely effect on the Australian economy, and on the efficiency, integrity and stability of the Australian financial system; and

(b) any impact on the provision of digital asset platforms or tokenised custody platforms (as applicable); and

(c) the likely regulatory impact; and

(d) whether the conduct or financial products have resulted, or will or are likely to result, in significant consumer detriment; and

(e) any relevant advice the Minister has received under subsection (3).

(2) The Minister may also have regard to any other matters that the Minister considers relevant.

ASIC, APRA or Reserve Bank may advise the Minister

(3) ASIC, APRA or the Reserve Bank may (on its own initiative) and must (at the request of the Minister):

(a) consider whether a declaration under subsection 912BH(1) or (3) should be made; and

(b) advise the Minister accordingly.