Australia’s Treasury has announced plans to introduce a comprehensive licensing regime for cryptocurrency exchanges in an effort to regulate the rapidly expanding industry. The proposed framework requires exchanges to obtain an Australian Financial Services license (AFSL) from the Australian Securities and Investments Commission (ASIC) if they hold more than AUD 1,500 of any single client’s assets or have total assets exceeding AUD 5 million. The draft legislation is expected to be released by 2024, with a 12-month transition period for exchanges to comply. The government is seeking feedback from industry stakeholders and the public to ensure well-informed and balanced regulations. In addition to crypto exchange regulation, Australia is also conducting research on central bank digital currency (CBDC) and plans to publish a report in 2024. This regulatory proposal demonstrates Australia’s commitment to regulating the crypto industry while balancing consumer protection and innovation.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Australia
Countries	🇦🇺
Sentiment	positive
Relevance Score	1
People	Caroline Bowler
Companies	Reserve Bank of Australia, BTC Markets, Treasury, Australian Securities and Investments Commission (ASIC)
Currencies	None
Securities	None