Australia proposes crypto exchange regulation with existing laws | Headlines | News | CoinMarketCap
10/16/2023 12:26
Australia today released a proposal to regulate digital-asset services platforms as the country steps up efforts to “provide clarity” and “protect …
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Published on October 16, 2023 05:17 GMT+00:00edited on October 16, 2023 05:19 GMT+00:00
Australia today released a proposal to regulate digital-asset services platforms as the country steps up efforts to “provide clarity” and “protect customers.” The Australian Treasury said in a consultation paper that failures and vulnerabilities of these platforms have “increased the need to regulate to protect consumers.”
The government plans to leverage existing Australian financial services laws. It intends to require platforms with a certain threshold of assets — AU$1,500 ($948) for an individual or AU$5 million ($3.2 million) in aggregate — to obtain an Australian Financial Services Licence.
Specifically, the regulators also seek to apply certain obligations, including setting up standards for custody software and requirements when transacting in tokens. The proposal would also …