New bill requires crypto exchanges and custody platforms to obtain Australian Financial Services Licenses under ASIC oversight.
Framework exempts smaller operators processing under $6.5 million annually and provides an 18-month transitional period for compliance.
Australia Parliament is going ahead with a wide-ranging law that will make crypto exchanges and crypto custody services companies to get a financial license just like banks and other traditional financial institutions. The regulation bill was brought in by the assistant treasurer, Daniel Mulino, to cover the gaps in the regulation where companies are holding client cryptocurrencies indefinitely, and there is no supervision or protection against fraud.
New Licensing Requirements Target Platform Operators
Assistant Treasurer Daniel Mulino brought the Corporations Amendmen
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