an electronic record that one or more persons are capable of factually controlling as described in subsection (2); or

an electronic record prescribed by regulations made for the purposes of this paragraph;

transfer the electronic record; and

exclude one or more other persons from transferring the electronic record; and

demonstrate that the person can do the things in paragraphs (a) and (b).

it only matters what the person can do as a matter of fact rather than law; and

it does not matter if another person can also do that thing.

the electronic record is created by a payment provider on a distributed ledger to identify a person entitled to withdraw money; and

the person transfers the money by transferring the electronic record to another person, who the provider then recognises as entitled to withdraw the money.

the electronic record is created by a custodian on a distributed ledger to identify a person with beneficial ownership of property; and

the person transfers the property by transferring the electronic record to another person, who the provider then recognises as a beneficial owner of the property.

the electronic record is in a ledger maintained by a bank to record a specific account holder’s balance of money that can be withdrawn; and

a transfer of money is effected by the bank altering the electronic record to reflect an updated balance, but not by transferring the electronic record itself.

the electronic record is in a database maintained by a custodian to identify a client with beneficial ownership of property; and

a transfer of the property is effected by the custodian altering the electronic record to reflect the new beneficial owner, but not by transferring the electronic record itself.

(a) a person (the operator) possesses one or more digital tokens (the underlying assets); and

the underlying assets are so possessed for or on behalf of another person, including by the operator:

acting as trustee or bailee; or

being obliged to ensure that the underlying assets are dealt with on the instructions of the other person.

in relation to an underlying asset; and

for or on behalf of the client or the client nominee.

(a) a person (the operator) identifies one or more assets other than money (the underlying assets); and

for each underlying asset:

the operator creates a single digital token; and

possessing the digital token confers a right to redeem, or direct the delivery of, the underlying asset; and

the operator holds each underlying asset; and

each underlying asset is so held for or on behalf of another person who possesses the digital token for the underlying asset, including by the operator:

acting as trustee or bailee; or

being obliged to ensure that the underlying asset is dealt with on the instructions of the other person.

possesses the digital token for the underlying asset; and

is a client under the facility.

whether the facility is a digital asset platform or a tokenised custody platform; and

if the facility is a digital asset platform or a tokenised custody platform:

whether there is a liability to a client under the facility; or

whether this Act has been complied with for the facility; or

whether the platform rules of the facility have been complied with; or

whether the asset-holding standards or the transactional and settlement standards have been complied with for the facility;

an agent appointed by the operator as described in subsection (1); or

a person who is taken under this subsection to be an agent of the operator;

a digital asset platform, unless the platform is a managed investment scheme;

a tokenised custody platform, unless the platform is a managed investment scheme;

an underlying asset of a tokenised custody platform;

a digital token held through:

decentralised wrapping software; or

public digital token infrastructure;

an asset of a kind prescribed by regulations made for the purposes of this paragraph.

where the related asset is a financial product—a person who possesses the wrapped token has rights or interests that are not equivalent to those the person would have if the person held the related asset directly; or

circumstances prescribed by regulations made for the purposes of this paragraph apply for the wrapped token.

through which the wrapped token’s related asset is held; and

that would be a tokenised custody platform if the following things done by the software were instead done by an operator (within the meaning of subsection 761GD(1)):

creating the wrapped token;

holding the related asset for or on behalf of the person who possesses the wrapped token.

in relation to a digital asset platform or a tokenised custody platform—any conduct of a client under the platform (after the platform has been issued to the client);

the person is the issuer of the products, and the products are:

superannuation products; or

managed investment products; or

financial products referred to in paragraph 764A(1)(ba) (which relates to certain managed investment schemes that are not registered schemes); or

foreign passport fund products; or

the person is the issuer of a tokenised custody platform, and the person is stating prices for the purposes of holding, redeeming or directing the delivery of the financial products under the platform.

dealing in a digital asset platform, or the possessing of digital tokens under such a platform;

dealing in a tokenised custody platform, or the holding (within the meaning of section 761GD) of assets under such a platform;

relates to a digital asset platform, or a tokenised custody platform, that is a financial product only because of paragraph 764A(1)(la) or (lb); and

would, apart from this section, be a financial service (or a kind of financial service);

(a) the person is providing a service (the applicable service), but not as an agent or representative of any other person; and

the person uses a postal, telegraphic, telephonic or other like service (within the meaning of paragraph 51(v) of the Constitution) to provide all or part of the applicable service; and

the applicable service would be a financial service involving:

providing financial product advice relating to a digital asset platform or a tokenised custody platform; or

dealing in a digital asset platform or a tokenised custody platform; or

engaging in conduct relating to a digital asset platform, or a tokenised custody platform, that is conduct of a kind prescribed for the purposes of paragraph 766A(1)(f);

the person is not a constitutionally-covered corporation.

(a) another person is providing a service (the applicable service) as an agent or representative of the first-mentioned person; and

the other person uses a postal, telegraphic, telephonic or other like service (within the meaning of paragraph 51(v) of the Constitution) to provide all or part of the applicable service; and

the applicable service would be a financial service involving:

providing financial product advice relating to a digital asset platform or a tokenised custody platform; or

dealing in a digital asset platform or a tokenised custody platform; or

engaging in conduct relating to a digital asset platform, or a tokenised custody platform, that is conduct of a kind prescribed for the purposes of paragraph 766A(1)(f);

the first-mentioned person is not a constitutionally-covered corporation.

if this subsection applies to it;

if it is declared under subsection 767B(1), in which case it is a financial market to the extent that the facility relates to the digital tokens specified in the declaration (see subsection (6) of this section).

(a) the platform is a financial market to the extent that the platform relates to the digital tokens; and

(b) for the purposes of provisions regulating the platform as a financial market, the digital tokens are financial products to the extent that the digital tokens are related to the platform.

the platform would be a facility to which subsection 767A(1) applies in relation to one or more specified classes of digital tokens if those digital tokens were financial products; and

the platform is operated by, or on behalf of, a constitutionally-covered corporation.

unconditionally or subject to specified conditions; and

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

vary a declaration given under subsection (1) to:

impose conditions, or additional conditions, on the declaration; or

vary or revoke any of the conditions on the declaration; or

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

revoke a declaration given under subsection (1).

giving notice, and an opportunity to make submissions on the proposed action, to the operator of each facility known by the Minister to be covered by the declaration; and

both:

the Minister has caused a notice to be published on ASIC’s website allowing a reasonable period within which the operator of each facility covered by the declaration may make submissions on the proposed action; and

that period has ended; and

having regard to the matters in paragraphs (1)(a) and (b) and (5)(a) to (e).

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

any impact on competition in the operation of financial markets or on the provision of digital asset platforms;

the likely regulatory impact;

whether each facility that could be covered by the declaration has a material connection with this jurisdiction;

any relevant advice the Minister has received under subsection (6).

consider whether a declaration should be made, varied or revoked under this section; and

advise the Minister accordingly.

unconditionally or subject to specified conditions; and

(b) for a specified period or indefinitely (the exemption duration);

vary a declaration given under subsection (1) to:

impose conditions, or additional conditions, on the declaration; or

vary or revoke any of the conditions on the declaration; or

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

revoke a declaration given under subsection (1).

giving notice, and an opportunity to make submissions on the proposed action, to the operator of each platform known by the Minister to be covered by the declaration; and

both:

the Minister has caused a notice to be published on ASIC’s website allowing a reasonable period within which the operator of each platform covered by the declaration may make submissions on the proposed action; and

that period has ended; and

having regard to the matters in paragraphs (5)(a) to (d).

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

any impact on competition in the operation of financial markets or on the provision of digital asset platforms;

the likely regulatory impact;

any relevant advice the Minister has received under subsection (6).

consider whether a declaration should be made, varied or revoked under this section; and

advise the Minister accordingly.

if this subsection applies to it;

if it is declared under subsection 768B(1), in which case it is a clearing and settlement facility to the extent that the facility relates to the digital tokens specified in the declaration (see subsection (5) of this section).

(a) the platform is a clearing and settlement facility to the extent that the platform relates to the digital tokens; and

(b) for the purposes of provisions regulating the platform as a clearing and settlement facility, the digital tokens are financial products to the extent that the digital tokens are related to the platform.

the platform would be a facility to which subsection 768A(1) applies in relation to one or more specified classes of digital tokens if those digital tokens were financial products; and

the platform is operated by, or on behalf of, a constitutionally-covered corporation.

unconditionally or subject to specified conditions; and

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

vary a declaration given under subsection (1) to:

impose conditions, or additional conditions, on the declaration; or

vary or revoke any of the conditions on the declaration; or

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

revoke a declaration given under subsection (1).

giving notice, and an opportunity to make submissions on the proposed action, to the operator of each facility known by the Minister to be covered by the declaration; and

both:

the Minister has caused a notice to be published on ASIC’s website allowing a reasonable period within which the operator of each facility covered by the declaration may make submissions on the proposed action; and

that period has ended; and

having regard to the matters in paragraphs (1)(a) and (b) and (5)(a) to (e).

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

any impact on competition in the operation of clearing and settlement facilities or on the provision of digital asset platforms;

the likely regulatory impact;

whether each facility that could be covered by the declaration has a material connection with this jurisdiction;

any relevant advice the Minister has received under subsection (6).

consider whether a declaration should be made, varied or revoked under this section; and

advise the Minister accordingly.

unconditionally or subject to specified conditions; and

(b) for a specified period or indefinitely (the exemption duration);

vary a declaration given under subsection (1) to:

impose conditions, or additional conditions, on the declaration; or

vary or revoke any of the conditions on the declaration; or

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

revoke a declaration given under subsection (1).

giving notice, and an opportunity to make submissions on the proposed action, to the operator of each platform known by the Minister to be covered by the declaration; and

both:

the Minister has caused a notice to be published on ASIC’s website allowing a reasonable period within which the operator of each platform covered by the declaration may make submissions on the proposed action; and

that period has ended; and

having regard to the matters in paragraphs (5)(a) to (d).

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

any impact on competition in the operation of clearing and settlement facilities or on the provision of digital asset platforms;

the likely regulatory impact;

any relevant advice the Minister has received under subsection (6).

consider whether a declaration should be made, varied or revoked under this section; and

advise the Minister accordingly.

under a digital asset platform—means a person who is a client under the platform as described in item 5 of the table in subsection 761E(3); and

under a tokenised custody platform—means a person who is a client under the platform as described in item 5 of the table in subsection 761E(3).

a corporation to which paragraph 51(xx) of the Constitution applies; or

a body that is a corporation within the meaning of this Act as originally enacted (see section 57A).

of a digital asset platform—means a person who possesses an underlying asset of the platform; or

of a tokenised custody platform—means a person who holds (within the meaning of section 761GD) an underlying asset of the platform; or

(c) in relation to a registrable superannuation entity—has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

a digital asset platform if, under the platform:

clients under the platform have the right to redeem, or direct the delivery of, the underlying assets of the platform; and

the operator of the platform acts only on client instructions in relation to any decisions about the acquisition, disposal or use of the underlying assets; and

the operator cannot negotiate or determine, to a material extent, any rights of the clients relating to the underlying assets;

a tokenised custody platform if, under the platform:

clients under the platform have the right to redeem, or direct the delivery of, the underlying assets of the platform; and

the operator of the platform acts only on client instructions in relation to any decisions about the acquisition, disposal or use of the underlying assets; and

the operator cannot negotiate or determine, to a material extent, any rights of the clients relating to the underlying assets; and

all of the underlying assets must belong to the same class of asset; and

the digital token created for an underlying asset can only be divisible to the same extent that the underlying asset is reasonably capable of being divisible in a way that each part can be physically delivered;

of a digital asset platform—has the meaning given by subsection 761GC(1); or

of a passport fund—means the entity that is the operator of the fund under the Passport Rules for this jurisdiction; or

of a tokenised custody platform—has the meaning given by subsection 761GD(1).

of a digital asset platform—has the meaning given by subsection 761GC(1); or

of a tokenised custody platform—has the meaning given by paragraph 761GD(1)(a).

for an electronic record that is a digital token because of paragraph 761GB(1)(a)—the person is capable of factually controlling the electronic record as described in subsection 761GB(2); or

otherwise—the conditions prescribed by regulations made for the purposes of this paragraph are met for the person and the digital token;

the person needs the express cooperation of another person in order to be able to satisfy paragraph 761GB(2)(a), (b) or (c) for the electronic record; and

that other person can unilaterally satisfy that paragraph for the electronic record.

any conduct of the client under a digital asset platform or a tokenised custody platform (after the platform has been issued to the client);

a financial services licensee; and

a digital asset platform or a tokenised custody platform;

the asset-holding standards;

the transactional and settlement standards.

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

possessing and safeguarding the underlying assets of the platforms; or

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

using the underlying assets of the platforms;

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;

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

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

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

provides to the operator of:

a digital asset platform; or

a tokenised custody platform;

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

providing particular services; or

arranging for particular services to be provided;

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

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

in one wallet;

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

the conduct of persons in relation to the underlying assets of:

digital asset platforms; or

tokenised custody platforms;

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

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

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

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);

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).

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

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

relate to the underlying assets of the platform; and

are provided under the platform; and

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

outside of this jurisdiction; and

with or without a licence under this Act; and

requires the issuer of such a platform to:

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

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

enforce the arrangement; and

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

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

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

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

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

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

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

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

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

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

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

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

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

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

between the licensee and each client under the platform; and

if, under the platform, clients can have dealings with each other—between a client under the platform and each other client under the platform;

the transactional and settlement standards;

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

a specified digital asset platform; or

a specified tokenised custody platform;

declare one or more classes of conduct; or

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

unconditionally or subject to specified conditions; and

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

varying a prohibition declared under subsection (1) to:

impose conditions, or additional conditions, on the prohibition; or

vary or revoke any of the conditions on the prohibition; or

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

revoking a prohibition declared under subsection (1).

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

both:

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

that period has ended.

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

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

the likely regulatory impact; and

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

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

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

advise the Minister accordingly.

are financial products only because of paragraph 764A(1)(la) or (lb); and

are not operated by constitutionally-covered corporations.

a digital asset platform or a tokenised custody platform; or

a platform in a class of digital asset platforms or tokenised custody platforms;

a provision resulting from the declaration does not relate to the platform in connection with a financial service; and

the platform:

is a financial product only because of paragraph 764A(1)(la) or (lb); and

is not operated by a constitutionally-covered corporation.

a digital asset platform or a tokenised custody platform; or

a platform in a class of digital asset platforms or tokenised custody platforms;

a provision resulting from the regulation does not relate to the platform in connection with a financial service; and

the platform:

is a financial product only because of paragraph 764A(1)(la) or (lb); and

is not operated by a constitutionally-covered corporation.

is a Financial Services Guide, Supplementary Financial Services Guide or website disclosure information; and

relates to a digital asset platform or tokenised custody platform; and

is defective in a part of the disclosure document or statement:

for which another financial services licensee states it is responsible in the disclosure document or statement; and

that relates to the financial services that are to be or are likely to be performed by that other financial services licensee.

is a Financial Services Guide, Supplementary Financial Services Guide or website disclosure information; and

relates to a digital asset platform or tokenised custody platform; and

is defective in a part of the disclosure document or statement:

for which another financial services licensee states it is responsible in the disclosure document or statement; and

that relates to the financial services that are to be or are likely to be performed by that other financial services licensee.

is a Financial Services Guide, Supplementary Financial Services Guide or website disclosure information; and

relates to a digital asset platform or tokenised custody platform; and

is defective in a part of the disclosure document or statement:

for which another financial services licensee states it is responsible in the disclosure document or statement; and

that relates to the financial services that are to be or are likely to be performed by that other financial services licensee.

under Part 7.9, the person is required to prepare:

a Product Disclosure Statement for the product; or

a DAP/TCP Guide for the product; or

is the operator of a digital asset platform or tokenised custody platform; or

is otherwise involved in the operation or promotion of such a platform;

the platform; or

an equitable right or interest in another financial product arising because of a holding, or an offer to hold or arrange for the holding of, the other financial product through the platform.

Divisions 3 to 5C (other than section 1017E);

Division 6 (other than sections 1020D, 1020F and 1020G);

Division 7 (other than section 1021O).

includes the information required by section 1020AO for the platform; and

is written and presented in a clear, concise and effective manner.

a material change has occurred to the information in it; or

it has become misleading or deceptive or likely to mislead or deceive.

(a) the licensee gives a person a DAP/TCP Guide (the existing Guide) in accordance with subsection (1); but

a new circumstance later arises so that the Guide no longer includes the information required by section 1020AO for the platform;

updated information to enable the person to again readily have the information required by section 1020AO for the platform; and

objective advice about whether the updated information is, when compared with the information in the existing Guide, materially adverse to a retail client under the platform.

understand the nature of the platform and any risks associated with participation in the platform; and

identify:

the licensee (as the issuer of the platform); and

any custodians of the platform; and

the nature of the responsibilities of the issuer and of any custodians, and of the relationships between them; and

understand the method and extent of all charges associated with the platform, including any right of the issuer or any other person to recoup expenses from a client’s assets; and

understand any differences between the rights of a client under the platform and the rights of a person who (directly) holds an underlying asset of the platform, including information on any applicable:

cooling-off rights; and

voting rights; and

withdrawal rights under section 724 or 1016E; and

understand how and to whom a client may make a complaint in relation to:

the operation of the platform; and

the underlying assets of the platform (where this is possible); and

financial product advice provided to the client in relation to the platform that is not provided by or on behalf of the licensee; and

understand a client’s rights to disclosure in relation to the underlying assets of the platform, including that a client may elect to receive copies of communications relating to those assets that:

are sent to the holders of those assets; or

the holders of those assets may elect to receive; and

understand how the licensee, or any custodians of the platform, determine what is or will be available as underlying assets of the platform; and

understand any other matters prescribed by regulations made for the purposes of this paragraph.

a statement that copies of the platform’s voting policy are available free on request; and

a statement to the effect that the total fees and expenses payable by a client will include the costs of the platform; and

a statement to the effect that the fees and expenses for any conduct that:

can be engaged in under the platform; and

is chosen by the client to be engaged in;

examples, based on estimates, of the fees and expenses referred to in paragraphs (b) and (c), that satisfy any requirements prescribed by regulations made for the purposes of this paragraph; and

anything else prescribed by regulations made for the purposes of this paragraph.

refers to the information; and

includes sufficient details about the information to enable a person to easily identify and locate it; and

states that the information can be obtained free from the licensee on request; and

if any of the information is about any significant benefits to which a person will or may become entitled under the platform—includes a summary of that information; and

if any of the information is about any significant risks associated with the platform—includes a summary of those risks.

deals with the exercise of any voting or governance rights arising for:

the underlying assets of the platform; and

any other asset that is otherwise held or possessed through the platform; and

includes the information required by section 1020AQ for the platform; and

is written and presented in a clear, concise and effective manner.

is kept accurate; and

is administered for the platform by the licensee or by a custodian of the platform.

identify any rights a client under the platform will have in relation to any voting or governance rights arising for:

each underlying asset of the platform; and

any other asset that is otherwise held or possessed through the platform;

(b) state whether a client under the platform may instruct the licensee, or a custodian of the platform, (the authority) about the exercise of any such voting or governance rights; and

if the client may give such instructions:

require the authority to vote only when, and as, instructed by the client (including under a standing instruction); and

require clients to be given, as soon as practicable, copies of any relevant information received by the licensee or a custodian in relation to the assets that are the subject of the voting or governance rights; and

identify how copies of this relevant information are to be given to clients; and

identify the steps that are to be taken after voting instructions have been communicated by a client to the authority; and

identify whether any costs are to be charged to the client for exercising voting or governance rights; and

if the client may not give such instructions—require the authority not to exercise any such voting or governance rights; and

state how any regulations made for the purposes of subsection 1020AP(3) (about proxy voting) relate to any such voting or governance rights.

(a) a financial product, or a prescribed digital token, (the asset):

is an underlying asset of a digital asset platform or tokenised custody platform; or

is otherwise held or possessed through such a platform;

communications are required by law to be given to the person who holds or possesses the asset (including communications required to be given on request);

under a digital asset platform or tokenised custody platform; and

by a client under the platform (whether directly or through a nominee).

the licensee who issues the platform;

a custodian of the platform;

a person who is to issue or sell the prescribed digital token.

is not a financial product; and

is of a class prescribed by regulations made for the purposes of this paragraph.

a DAP/TCP Guide given to the party; or

any information or advice given under subsection 1020AN(3) to the party.

the platform is a financial product (within the meaning of Division 3 of Part 7.1) otherwise than because of paragraphs 764A(1)(la) and (lb); or

the platform is available for acquisition by issue, or for regulated sale:

by, or on behalf of, a constitutionally-covered corporation; or

using a postal, telegraphic, telephonic or other like service (within the meaning of paragraph 51(v) of the Constitution).

the platform is a financial product otherwise than because of paragraphs 764A(1)(la) and (lb); or

the platform is a financial product that is issued by, or on behalf of, a constitutionally-covered corporation; or

the platform is a financial product, and that any prohibited conduct (see Division 2) engaged in in relation to the platform is engaged in:

by, or on behalf of, a constitutionally-covered corporation; or

using a postal, telegraphic, telephonic or other like service (within the meaning of paragraph 51(v) of the Constitution).

so much of:

a digital asset platform; or

a tokenised custody platform;

public digital token infrastructure;

that is used for transmitting, processing, or recording:

electronic records that are digital tokens; or

electronic records relating to digital tokens; and

for which subsection (2) or (3) applies.

the protocols are a set of open source and publicly accessible standards for transmitting, processing and recording electronic records in a non-discretionary manner;

the protocols permit any person to contribute to the integrity, functionality and reliability of the infrastructure by conducting activities involving transmitting, processing and recording such electronic records;

the protocols are not reliant on any participant having a role so critical that the transmitting, processing, or recording of such electronic records cannot happen without the participant;

no regulations are made for the purposes of this paragraph to prescribe that this subsection does not apply for the protocols.

is entered into by the operator of the platform and by a beneficiary under the platform (whether directly or through a nominee); and

is entered into through the facility that constitutes the platform; and

(c) permits the operator to allow one or more of the underlying assets possessed under the platform for the beneficiary (whether directly or through a nominee) to be used for activities (consensus activities) described in paragraph 9E(2)(b) if:

the beneficiary; or

the nominee;

ensures that rewards from the consensus activities, after deducting any fees and charges, are passed on to the beneficiary (whether directly or through a nominee); and

may benefit the beneficiary in one or more of the following ways:

by allowing the underlying assets to be returned earlier than if the beneficiary had participated in consensus activities directly;

by allowing the underlying assets to be used in consensus activities if the beneficiary would otherwise have insufficient assets to be able to participate in consensus activities directly;

by protecting the beneficiary from, or by compensating the beneficiary for, any losses arising from the operation of public digital token infrastructure in relation to the underlying assets;

by allowing the beneficiary to pay lower transaction fees than if the beneficiary had participated in consensus activities directly;

a way prescribed by regulations made for the purposes of this subparagraph.

for a digital asset platform—a client under the platform; or

for a tokenised custody platform—a person who possesses a digital token created under the platform by the operator of the platform.

under a digital asset platform or tokenised custody platform; and

that needs disclosure to investors under Part 6D.2; and

that results in the person lodging a disclosure document with ASIC;

a supplementary or replacement document is lodged with ASIC in relation to the disclosure document;

the person is prohibited under Division 1 of Part 6D.3 from making offers of securities under the disclosure document;

the disclosure document is withdrawn before the expiry date specified in the disclosure document.

the platform; or

the rights attached to the securities to the extent these rights differ from the rights that a person would have if they acquired the securities directly.

is the operator of a digital asset platform or of a tokenised custody platform; or

is otherwise involved in the operation or promotion of such a platform;

so much of:

a digital asset platform; or

a tokenised custody platform;

(pb) an interest in something that is not a managed investment scheme because of paragraph (me) or (mf) of the definition of managed investment scheme in section 9, whether or not the interest arises because of the possession of a digital token;

public digital token infrastructure;

a right, interest or benefit arising:

out of conducting activities described in paragraph 9E(2)(b) (about consensus activities involving public digital token infrastructure); and

whether or not because of the possession of a digital token;

a person’s conduct done in the course of work of a kind ordinarily done by clerks or cashiers;

conducting activities described in paragraph 9E(2)(b) (about consensus activities involving public digital token infrastructure).

conducting activities described in paragraph 9E(2)(b) (about consensus activities involving public digital token infrastructure);

the service is the issue of a digital asset platform if:

(i) no financial products are held under any digital asset platform (a relevant platform) issued by a member of the person’s closely-related group; and

the total value of transactions in the last 12 months through all relevant platforms does not exceed $10 million; and

whenever a digital token begins to be an underlying asset of a relevant platform for a client (whether directly or through a nominee), the total of the entry values of all underlying assets of all relevant platforms for the client does not exceed $5,000; and

the person has lodged with ASIC, in the prescribed form, notice that the person intends to rely on the exemption in this paragraph for digital asset platforms;

the service consists only of either or both of the following:

advising another person about the existence of a digital asset platform or tokenised custody platform;

arranging for another person to use a digital asset platform or tokenised custody platform;

the person does so in the ordinary course of the person’s business; and

such services are not a significant part of the person’s business;

the person;

each associated entity of the person;

each entity for whom the person is an associated entity;

each entity who is connected with the person;

each entity that the person is connected with.

is the operator of a digital asset platform or of a tokenised custody platform; or

is otherwise involved in the operation or promotion of such a platform;

a digital asset platform, unless the platform is a managed investment scheme;

a tokenised custody platform, unless the platform is a managed investment scheme;

so much of:

a digital asset platform; or

a tokenised custody platform;

(ob) an interest in something that is not a managed investment scheme because of paragraph (me) or (mf) of the definition of managed investment scheme in section 9 of the Corporations Act, whether or not the interest arises because of the possession of a digital token;

public digital token infrastructure;

a right, interest or benefit arising:

out of conducting activities described in paragraph 9E(2)(b) of the Corporations Act (about consensus activities involving public digital token infrastructure); and

whether or not because of the possession of a digital token;

in relation to a digital asset platform or a tokenised custody platform—any conduct of a client under the platform (after the platform has been issued to the client);

is the issuer of a tokenised custody platform; and

is stating prices for the purposes of holding, redeeming or directing the delivery of the financial products under the platform.

dealing in a digital asset platform, or the possessing of digital tokens under such a platform;

dealing in a tokenised custody platform, or the holding (within the meaning of section 761GD of the Corporations Act) of assets or digital tokens under such a platform;

(a) the platform is a financial market to the extent that the platform relates to the digital tokens; and

(b) for the purposes of provisions regulating the platform as a financial market, the digital tokens are financial products to the extent that the digital tokens are related to the platform.

for the purposes of this Division; and

despite subsection (15) of this section;

conducting activities described in paragraph 9E(2)(b) of the Corporations Act (about consensus activities involving public digital token infrastructure);

(a) the platform is a clearing and settlement facility to the extent that the platform relates to the digital tokens; and

(b) for the purposes of provisions regulating the platform as a clearing and settlement facility, the digital tokens are financial products to the extent that the digital tokens are related to the platform.

for the purposes of this Division; and

despite subsection (17) of this section;

relates to a digital asset platform, or a tokenised custody platform, that is a financial product only because of paragraph 12BAA(7)(lb) or (lc); and

would, apart from this section, be a financial service (or a kind of financial service);

is a financial product otherwise than because of paragraphs 12BAA(7)(lb) and (lc); or

is issued:

by, or on behalf of, a constitutionally-covered corporation; or

using a postal, telegraphic, telephonic or other like service (within the meaning of paragraph 51(v) of the Constitution).

a financial services licensee is a party to a contract with one or more other persons; and

either:

some or all of the contract exists because of the platform rules of a digital asset platform or tokenised custody platform operated by the licensee; or

the licensee is the issuer of a digital asset platform or a tokenised custody platform;

is a digital asset platform or tokenised custody platform; and

is a financial product only because of paragraph 12BAA(7)(lb) or (lc);

by, or on behalf of, a constitutionally-covered corporation; or

using a postal, telegraphic, telephonic or other like service (within the meaning of paragraph 51(v) of the Constitution).

is a digital asset platform or tokenised custody platform; and

is a financial product only because of paragraph 764A(1)(la) or (lb) of the Corporations Act;

by, or on behalf of, a constitutionally-covered corporation; or

using a postal, telegraphic, telephonic or other like service (within the meaning of paragraph 51(v) of the Constitution).

is a digital asset platform or tokenised custody platform; and

is a financial product only because of paragraph 764A(1)(la) or (lb) of the Corporations Act;

the person is a constitutionally-covered corporation; or

the person acquired or disposed of the platform using a postal, telegraphic, telephonic or other like service (within the meaning of paragraph 51(v) of the Constitution); or

if there is another person as described in subsection (2)—the other person is a constitutionally-covered corporation.

a digital asset platform; or

a tokenised custody platform.

if the person providing the service is doing so not as an agent or representative of any other person—the person providing the service;

otherwise—the person on whose behalf the service is being provided;

does not hold an AFSL at all; or

holds an AFSL that authorises only the provision of other services.

during the transition period, the responsible person may apply under the amended Corporations Act for ASIC to decide whether or not to:

grant the responsible person an AFSL that is subject to a condition authorising the provision of the service; or

vary the conditions on the responsible person’s AFSL to authorise the provision of the service; and

ASIC may make such a decision under the amended Corporations Act in response to the application.

relates to a digital asset platform or tokenised custody platform; but

does not relate to the platform in connection with a financial service;