Australia’s proposed A$14 million crypto-capital requirement is not a final universal threshold. It is the highest starting floor in one of three models ASIC put out for consultation on 15 October 2026. The package sits alongside an enacted licensing regime beginning in April 2027 and separate AUSTRAC action on anti-money-laundering controls.
What the proposed A$14 million rule would require
ASIC is consulting on financial-reserve standards for digital-asset platforms and tokenised-custody platforms. Under its first model, a platform that does not use a qualifying independent third-party custody arrangement would need net tangible assets of at least A$14 million or 10% of average revenue, whichever is higher.
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The figure is therefore a proposed capital test, not an enacted amount that every Australian exchange must hold today. The applicable amount could change after submissions and final instruments.
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| Model | Who it targets | Proposed calculation | What can increase the requirement |
|---|---|---|---|
| Model 1 | Platforms without qualifying independent custody; a lower variant for platforms using qualifying custodians | Without qualifying custody: A$14 million or 10% of average revenue, whichever is higher. With qualifying custody: A$200,000, 0.5% of average underlying asset value capped at A$7 million, or 10% of average revenue, with the highest amount applying. | Revenue and the value of underlying customer assets. |
| Model 2 | Platforms holding only assets that are not financial products | A$7 million floor. | The model’s narrower asset scope; the consultation materials do not state an additional formula in the reported summary. |
| Model 3 | Platforms assessed through a graduated activity-based approach | A$2 million starting point, with additions linked to assets, revenue and the platform’s activities. | Activities such as brokerage or operating a trading venue, as well as assets and revenue. |
“Net tangible assets” is a balance-sheet measure of tangible financial strength. It is not the same as customer assets held in custody, and the consultation also proposes controls to keep those customer assets segregated and reconciled.
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The consultation covers more than capital
Custody, wallets and insolvency
- Quarterly reporting of crypto-wallet arrangements and wallet addresses.
- Tighter reconciliation and segregation of customer assets.
- Customer authorisation before a platform uses permitted underlying assets.
- Protections intended to help clients identify and recover assets if a platform becomes insolvent.
Execution and market conduct
- Best-execution duties for certain intermediaries.
- Access to at least two adequate sources of liquidity.
- Restrictions on a platform trading as principal on its own venue.
- A ban on incentives designed to favour particular tokens.
- Limits on counting certain related-party stablecoins as regulatory capital.
ASIC Commissioner Alan Kirkland said the proposed guidance and standards “acknowledge the increasing role of digital assets and tokenization, including in traditional parts of the financial system.”
Submissions on the package reportedly close on 27 November 2026. ASIC expects final guidance and legislative instruments in March 2027, so the capital figures and detailed tests remain subject to change.
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When Australian crypto licensing starts
The Corporations Amendment (Digital Assets Framework) Act 2026 received Royal Assent on 8 April 2026 and is scheduled to commence on 9 April 2027. It brings digital-asset platforms and tokenised-custody platforms into Australia’s financial-services licensing framework, with ASIC responsible for licensing and supervision.
ASIC’s transition notice required firms needing a new or varied Australian financial services licence to apply by 30 June 2026. That deadline has passed as of this report. Firms that missed it may face the risk of conducting business without the required authorisation and should seek direct regulatory or legal advice about their status.
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| Date | Development | Status |
|---|---|---|
| 26 November 2025 | Treasury described the proposed digital-assets framework and AFSL obligations. | Policy and legislative framework information. |
| 8 April 2026 | Digital Assets Framework Act received Royal Assent. | Enacted law. |
| 30 June 2026 | ASIC deadline for applications for a new or varied licence. | Transition requirement; deadline passed. |
| 15 October 2026 | ASIC released the capital, custody and market-conduct consultation. | Consultation proposal. |
| 27 November 2026 | Closing date for consultation submissions. | Expected consultation milestone. |
| 9 April 2027 | The Act is scheduled to commence. | Future commencement date in the enacted Act. |
| March 2027 | ASIC expects to issue final guidance and instruments. | Expected, not yet final. |
Which platforms could be exempt?
Treasury’s 26 November 2025 release described a possible exemption for smaller platforms holding less than A$5,000 per customer and facilitating less than A$10 million in annual transactions. Those thresholds are subject to the legislation and final rules; they should not be treated as a blanket exemption without checking the operative provisions.
The same Treasury release said the framework would require efficient, honest and fair conduct, clear information about asset holding and customer rights, governance and risk controls, dispute resolution and compensation arrangements. Treasury cited Digital Finance Cooperative Research Centre research estimating that Australia could capture as much as A$24 billion a year in productivity and cost savings from digital-finance innovation.
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How ASIC’s work differs from AUSTRAC’s crackdown
| ASIC | AUSTRAC | |
|---|---|---|
| Primary focus | Financial-services licensing, prudential resources, custody, execution, conflicts and market conduct. | Anti-money-laundering and counter-terrorism-financing registration, systems and supervision. |
| Businesses in scope | Digital-asset platforms and tokenised-custody platforms brought into the Corporations Act licensing regime. | Businesses providing virtual-asset services, including exchanges and crypto-to-cash or cash-to-crypto operators. |
| Typical obligation discussed here | Potential capital tests, asset segregation, reconciliation, best execution and liquidity access. | Registration, AML/CTF programs, governance and risk management appropriate to the business model. |
| Regulatory outcome | An Australian financial services licence and compliance with ASIC’s final standards. | VASP registration and compliance with AML/CTF law and supervisory requirements. |
These are parallel regimes, not competing versions of the same rule. A platform may need to satisfy both: ASIC addresses whether it is financially sound and treats customers fairly, while AUSTRAC addresses whether it can identify, manage and report illicit-finance risks.
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On 8 May 2026, AUSTRAC said it had launched two supervisory campaigns: one involving 36 crypto businesses offering over-the-counter crypto-to-cash or cash-to-crypto services, and another involving 27 local exchanges. The campaigns examine business models, scale, governance and AML/CTF risk management.
AUSTRAC Chief Executive Officer Brendan Thomas said: “AUSTRAC is checking how well crypto businesses in Australia are managing money-laundering risks, ahead of major new laws coming into force.”
In a 2 April 2026 release, AUSTRAC said AML/CTF coverage had expanded to a broader virtual-asset sector and that Australia was replacing “digital currency exchange” with “virtual asset service provider.” It reported reviewing 128 inactive businesses on its register; 62 left the sector through registration action or voluntary withdrawal.
Thomas called the terminology change “more than a name change,” saying it reflects how the sector has evolved. Home Affairs Minister Tony Burke said the reforms close gaps criminals used to move illicit funds through crypto while allowing legitimate innovation to continue safely.
AUSTRAC describes virtual assets as a high money-laundering-risk sector and says every business providing virtual-asset services must register and comply with AML/CTF obligations.
What Australian platforms should do before the 2027 start date
- Map the legal perimeter. Identify whether the business operates a digital-asset platform, a tokenised-custody platform, an exchange, an OTC service or more than one category.
- Run all three ASIC scenarios. Calculate exposure under the A$14 million, A$7 million and A$2 million approaches using the platform’s asset mix, revenue, custody model and activities.
- Verify custody evidence. Document whether any independent custodian meets the final qualifying conditions and maintain wallet, reconciliation and segregation records.
- Review trading controls. Test liquidity sources, best-execution procedures, conflicts policies, principal-trading restrictions and token-incentive arrangements.
- Check licensing and registration. Confirm the ASIC application position after the 30 June 2026 transition deadline and maintain AUSTRAC VASP registration and AML/CTF controls where required.
- Track the rulemaking calendar. Revisit assumptions after the 27 November consultation close and when ASIC publishes its expected March 2027 guidance and instruments.
The practical takeaway
The A$14 million number signals how demanding ASIC’s strongest proposed capital model could be for a platform that keeps custody in-house, but it is neither a final universal rule nor a substitute for customer-asset safeguards. Australia is building a two-track regime: ASIC’s licensing and prudential framework begins on 9 April 2027, while AUSTRAC’s VASP registration and AML/CTF supervision already apply to the broader virtual-asset sector. The final burden will depend on the platform’s custody structure, assets, revenue and activities.
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