The Australian government has proposed a new regulatory framework for cryptocurrency exchanges, aligning them with existing financial services laws and addressing unbanning issues.
The move comes as the country prepares for a federal election on May 17, with polls showing a tight race between Prime Minister Anthony Albanese's Labor Party and the Peter Dutton-led coalition.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
On March 21, the Treasury Department announced that cryptocurrency exchanges, custody services and certain brokerage firms involved in the trading and storage of cryptocurrencies will be subject to these new regulations.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
This regime will require compliance with similar standards to other financial services, including asset protection rules, obtaining an Australian Financial Services License and meeting minimum capital requirements.