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Australia Introduces Regulation for Crypto Exchanges!
Australia has announced a proposal aiming to regulate digital asset service platforms as part of its ongoing efforts to provide clarity and protect customers. The Australian Treasury summarized its intentions in a consultation paper, emphasizing the growing need to regulate these platforms to improve consumer protection.
The government’s approach includes basing on existing Australian financial services laws and implementing requirements for platforms reaching a certain asset threshold. The Australian authorities have set the threshold at 1,500 AU$ (equivalent to $948) for individuals or a total of 5 million AU$ (equivalent to $3.2 million) in assets. Individuals will need to obtain an Australian Financial Services License to meet these requirements.
Also, regulatory authorities aim to introduce specific obligations such as creating standards for custody software and requirements related to transactions for tokens. The proposal also includes additional obligations related to various activities like trading, staking, tokenization, and fundraising.
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The document provides information about a consultation process to be completed by December 1, 2023. Kraken Australia General Manager Jonathon Miller emphasizes the delays Australia has experienced in cryptocurrency regulations and dealing with crypto adoption under current financial services regulation. Miller acknowledges the need for local regulatory measures to bring transparency to platforms like Kraken but warns that this approach could overlook the unique attributes of crypto technology. He also expresses hope that efforts based on collaboration between the industry and the government won’t hinder future crypto innovations.
At TRM Labs, Senior Policy Advisor Angela Ang positively evaluates the Australian government’s proposal, noting that it’s a thoughtful way to approach crypto assets considering existing legal regulations.
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