Australia Mandates Financial Services Licenses for Crypto Exchanges
Australia will require cryptocurrency exchanges to obtain Australian financial services licenses (AFSL) under new federal legislation, marking a significant regulatory shift for the digital asset sector.
The move affects approximately 400 crypto exchanges currently registered with the Australian Transaction Reports and Analysis Centre, though many platforms are believed to be dormant, according to a report in AFR today. Under existing rules, these exchanges only need anti-money laundering and know-your-customer policies.
Assistant Treasurer Daniel Mulino announced the regulatory changes at the Digital Economy Council of Australia’s global digital assets summit, stating the government aims to support sector growth while reducing…
