Australian Treasury To Regulate Crypto Exchanges
With plans to regulate the digital asset industry at the exchange level moving forward, the Australian federal government may soon demand that cryptocurrency exchanges possess a financial services license provided by the regional financial regulator.
The Australian Treasury has unveiled a new regulatory framework aimed at addressing consumer harms and supporting innovation in the digital asset sector. The framework will regulate cryptocurrency exchanges and service providers, rather than individual cryptocurrencies or tokens themselves. It will also regulate crypto exchanges under existing financial services laws, rather than creating new crypto-specific rules.
According to the proposed new regulations, any cryptocurrency exchange with more than $3.2 million in assets, or $946 per person, will need to apply for a license with the Australian Securities and Investment Commission (ASIC).
(With inputs from Shikha Singh)
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