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Crypto Exchanges to Require Financial Services License in New Australian Proposal

The Australian government has proposed that crypto exchanges must obtain a license from the country's financial services regulator to operate. The proposal requires digital asset intermediaries to obtain an Australian financial services license from the Australian Securities and Investments Commission (ASIC) to issue and deal in digital asset facilities. Crypto brokers and other dealers will also be included in the licensing regime. The proposal places the responsibility of fighting market misconduct on crypto exchanges, requiring them to have and apply listing criteria and make sufficient disclosures before digital asset transactions occur. Exemptions are available for digital asset intermediaries holding assets with a value not exceeding $5 million AUD.

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