Crypto Exchanges Face New Regulation In Australia:
Australia Plans Crypto Exchange Regulation: Government's proposal requires exchanges to obtain financial licenses.
The Australian government has recently declared its plan to regulate the digital asset sector by requiring crypto exchanges to obtain a financial services license from the local regulator. The move aims to protect consumers and encourage innovation within the crypto industry. However, some exchanges have voiced their concerns about the proposal.
New Consultation Paper Released
The Australian Treasury published a consultation paper titled “Regulating digital asset platforms” on October 16. The paper outlines the proposed regulatory framework for crypto exchanges and service providers, aiming to address consumer harms and systemic risks associated with the digital asset sector while supporting its growth and development.