According to a report by Bloomberg on October 16th, the Australian Treasury Department released a consultation paper titled "Regulating Digital Asset Platforms", which states that digital asset platforms holding more than AUD 5 million (USD 3.2 million) or individuals holding more than AUD 1,500 must obtain a license issued by the Australian Securities and Investments Commission (ASIC). The consultation paper proposes to regulate cryptocurrency exchanges under existing financial services laws rather than creating new cryptocurrency-specific rules.

The obligations of cryptocurrency companies come from existing financial services laws, including submitting financial records, monitoring improper market behavior, meeting solvency and cash reserve requirements. In addition, cryptocurrency companies will need to assume more obligations in areas such as trading, pledging, and token creation. The Australian government will consult on the proposal before December 1st. It is expected that the legislative proposal will be introduced next year, and then exchanges will have 12 months to ensure compliance.