In brief
- Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino introduced the bill to Parliament on Wednesday, targeting regulatory gaps that left billions in client assets unprotected.
- The legislation creates two new financial product categories, digital asset platforms and tokenised custody platforms, requiring Australian Financial Services Licences.
- Platforms holding less than $5,000 per customer and facilitating under $10 million annually are exempt from licensing requirements.
Australia is clamping down on crypto exchanges and custody platforms with legislation that, according to the government, could unlock $24 billion in annual productivity gains while imposing multimillion-dollar penalties on firms that fail to…
