Protecting Consumers
Cryptocurrency exchanges in Australia will soon need to obtain a financial services license from the Australian Securities and Investments Commission. Under a proposal by the government, only exchanges with holdings exceeding $3.2 million (A$5 million) will be required to obtain this permit. The government believes that this requirement will protect consumers and support the growth of the digital assets market. The draft legislation is expected to be ready in 2024, and once passed into law, exchanges will have twelve months to comply.
Keeping Abreast With Global Trends
The Treasury Department released a document on October 16 acknowledging that the proposed rules for crypto exchanges are based on existing laws governing the financial services industry. Caroline Bowler, CEO at BTC Markets Pty, commented on the government’s proposals, stating that it is important for Australia to keep up with international peers and establish a robust regulatory framework. The proposals cover custody and transaction standards, as well as exchanges’ obligations regarding staking and trading.
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