Australian crypto exchanges will have to hold financial services licences
Cryptocurrency exchanges will be required to obtain an Australian financial services licence and meet the same compliance duties as other companies, as part of proposed new laws which could trigger a wave of consolidation in the sector.
There are about 400 crypto exchanges – digital platforms where users can buy, sell, and trade cryptocurrencies such as bitcoin and ethereum – registered with the current regulator, the Australian Transaction Reports and Analysis Centre. Many are thought to be inactive.
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