Australia proposes new licensing regime for crypto exchanges
Exchanges with specific asset levels must obtain an Australian Financial Services License The draft legislation is expected to go out by 2024. A consultative process seeks input from stakeholders and the public on 32 key regulatory themes. In a significant move towards regulating the rapidly expanding crypto currency industry in Australia , Australia ’s Treasury has unveiled plans to introduce a comprehensive licensing regime for crypto exchange s. The initiative is designed to enhance consumer protection, bring much-needed clarity to the digital asset sector, and pave the way for the nation to align with global regulatory standards. The newly proposed regulatory framework Under the newly proposed framework, cryptocurrency exchanges operating in Australia must obtain an Australian Financial Services license (AFSL) from the Australian Securities and Investments Commission (ASIC). This regulatory measure will be applicable to exchanges that hold mor...