The Australian Securities and Investments Commission opened consultation paper CP 392 on October 15, proposing standards for crypto exchanges and digital asset custodians covering segregation and safeguarding of customer assets, trading transparency, settlement procedures, financial resources, and rules on market manipulation, conflicts of interest and order handling. No capital or custody figures are attached yet. The timeline is the usable part: consultation closes November 27, final guidance is expected March 2027, the rules take effect April 8, 2027, and firms already operating can continue while ASIC reviews their application provided they file by October 7, 2027. More than 140 businesses have already applied for authorization. Commissioner Alan Kirkland framed it as "same activity, same risk, same regulatory outcome," which is the standard formula for declining to write a separate rulebook for crypto. Stablecoins used for payments sit outside this and are being handled under Australia's payment services reforms. The underlying legislation passed in April, and the FTX collapse, which left roughly 30,000 Australian customers unable to reach their money, is still the reference point driving the segregation requirement.