Australia has finally put concrete proposals on the table to regulate cryptocurrency service providers, releasing draft legislation that would bring exchanges, custodians and stablecoin issuers under the same umbrella as mainstream financial services.
The consultation, open until October 24, signals the government’s intent to shift from piecemeal enforcement to a defined framework for digital assets.
What the draft proposes
At the heart of the plan is a requirement for exchanges and custodial platforms to operate under an Australian Financial Services Licence (AFSL). That would place them on the same footing as brokers or fund managers, with obligations to deal fairly with clients, manage conflicts of interest and meet capital…
