The Australian government is considering requiring cryptocurrency exchanges to hold a financial services license from the Australian Securities and Investment Commission (ASIC). The new regulatory framework aims to address consumer harms while still supporting innovation in the digital asset sector. The framework will regulate cryptocurrency exchanges and service providers under pre-existing financial services laws, rather than creating new crypto-specific rules. Some industry experts have expressed concerns about the approach and its potential to ignore the nuances of the technology. However, the proposals in the consultation paper are still only suggestions and not legally binding recommendations.