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Australia’s Treasury proposes to regulate crypto trading platforms under existing laws

On October 16th, the Australian Treasury Department released a proposal for regulating digital asset service platforms, aiming to provide clarity and protect consumers in this field. The government plans to utilize existing Australian financial services laws to require platforms with a certain asset threshold to obtain Australian financial services licenses. In addition, regulatory agencies also hope that certain obligations will be fulfilled, including the development of custody software standards and token trading requirements. The proposal will also impose additional obligations on activities such as trading, pledging, tokenization, and fundraising. The consultation period for this consultation document will end on December 1, 2023.

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