Australia’s federal government is moving forward with its plans to introduce tighter regulation for cryptocurrency exchanges. According to a newly released consultation paper, the Australian Treasury will require exchanges to apply for a financial services license.
On Monday, Australia’s Treasury announced it expects to release draft legislation discussing licensing and custody regulations for crypto asset providers by 2024. It further stated that cryptocurrency exchanges will have 12 months to comply with its new framework once the proposed bill becomes law. 
Financial Services Licenses Could Only Be Issued by 2025
According to the Treasury’s consultation paper, crypto exchanges must apply for financial services licenses from local financial regulators. Under the draft legislation’s timeline, it could take until 2025 for exchanges to receive licenses in accordance with its newly proposed legislation. 
In its introduction to the proposed regulation, regulators said:
“The g

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