TechFlow news, on March 21, according to Decrypt, the Australian government unveiled a new regulatory framework for digital assets, requiring major cryptocurrency platforms to obtain an Australian Financial Services License, while exempting small-scale enterprises and businesses unrelated to financial services.
The document titled "Growing Australia's Digital Asset Sector Innovatively," released by the Australian Treasury on Thursday, details regulatory plans for digital asset platforms and payment stablecoins under existing financial services laws. The framework will apply to cryptocurrency exchanges, custody services, certain brokerage platforms, and businesses offering tokenized stored-value facilities.
Addressing the phenomenon of "de-banking," the new rules aim to enhance risk management and transparency within the industry, reducing restrictions imposed by large financial institutions on services provided to crypto businesses. Additionally, the government plans to release a draft legislation for public consultation within this year.
