Crypto exchanges would be needed to apply for a license from the ASIC.
The paper advises a token mapping exercise be completed by the end of 2023.
Recently, the Australian government announced its intention to license cryptocurrency exchanges as a means of regulating the digital asset market. The policy shift has consumer protection and innovation in the crypto sector as its stated goals. Concerns have been raised by certain exchanges, however.
On October 16, the Australian Treasury released a discussion paper titled “Regulating digital asset platforms.” To mitigate consumer damages and systemic hazards in the digital asset industry, this paper lays forth a suggested regulatory structure for crypto exchanges and service providers.
License Mandatory
The paper suggests that rather than creating new laws for cryptocurrencies, the current standards for financial services be applied to cryptocurrency exchanges.
Moreover, in this model, cryptocurrency exchanges would be subject to the sa
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