Australia has introduced a draft law that requires crypto exchanges and custody providers to obtain a license similar to traditional financial institutions.
The proposal aims to improve consumer protection and regulatory clarity while supporting innovation. Platforms that fail to comply could face penalties of up to AUD 16.5 million, while low-risk operators may qualify for exemptions under the planned rules.
Australia Seeks Broader Oversight of Digital Assets
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The Australian government released a draft law to bring digital asset platforms under the same licensing rules as traditional finance. Assistant Treasurer Daniel Mulino called the measure a key part of the nation’s digital asset strategy, which was announced earlier this year.
Currently, only exchanges trading assets like Bitcoin register with AUSTRAC. The proposal would require crypto platforms to hold an Australian Financial Services License (AFSL) supervised by the Australian Securities and Investments Commission (ASIC).
Officials expect this step to improve transparency and build consumer confidence while aligning crypto operations with established financial standards.
Targeted Rules and Strong Penalties
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Author: Shigeki Mori
