TechFlow reported on October 16 that, according to a consultation paper titled "Regulating Digital Asset Platforms" released by the Australian Treasury on Monday, digital asset platforms holding more than 5 million Australian dollars (approximately 3.2 million U.S. dollars) or individuals holding more than 1,500 Australian dollars in digital assets must obtain a license from the Australian Securities and Investments Commission (ASIC). The paper proposes regulating cryptocurrency exchanges under existing financial services laws rather than creating new, crypto-specific regulations. Obligations for crypto firms would stem from current financial services legislation, including requirements to submit financial records, monitor market misconduct, and meet solvency and cash reserve standards. In addition, crypto companies would face additional obligations in areas such as trading, staking, and token creation. The Australian government will consult on the proposal until December 1, with draft legislation expected next year, followed by a 12-month compliance period for exchanges.
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