[ASIC Seeks Public Feedback on Crypto Platform Capital, Custody, and Trading Rules, Aiming for 2027 Implementation] Odaily Planet Daily reports that the Australian Securities and Investments Commission (ASIC) has launched a public consultation on proposed capital, custody, and trading requirements for crypto platforms. These rules are designed to align with the digital asset legislation passed in April, expanding regulatory oversight of the industry. The proposal includes three capital models, restrictions on platforms engaging in proprietary trading, and quarterly reporting of wallets holding client assets. ASIC also plans to allow offshore custody and is seeking feedback on safeguards in case of failure of an overseas parent or affiliated company. One of the models requires platforms that do not use qualified third-party custody arrangements to hold at least AUD 14 million (approximately USD 9.7 million) in net tangible assets or 10% of average revenue, whichever is higher. Feedback is due by November 27, and ASIC plans to release final standards and guidelines in March 2027. The related legislation will take effect on April 8, 2027, and operators must apply for a license by October 7 of the same year, with the ability to continue operations while ASIC reviews their applications. (Cointelegraph)