Draft Crypto Laws in Australia Are Here, But Are They Clear Enough?
TLDR
- Australian crypto firms support the new draft laws but call for clearer regulations before implementation.
- The draft laws require digital asset platforms to obtain an Australian Financial Services Licence from ASIC.
- Platforms with smaller operations are exempt from licensing requirements to ease the burden on smaller players.
- Non-compliance with the new regulations could result in hefty penalties of up to A$16.5 million or 10% of annual turnover.
- While many in the industry back the laws, some experts express concerns over critical unanswered questions.
Australia has introduced draft laws aimed at regulating digital assets. The proposed regulations will bring crypto platforms under the country’s financial oversight….
