Australia proposes crypto regulation reforms
Platform operators would need a licence and be subject to financial services laws
Australia’s federal government published today (October 16) its proposed crypto reforms to protect consumers.
Crypto exchanges and digital asset platforms would be subject to existing Australian financial services laws and platform operators required to obtain an Australian financial services licence.
The proposals include cash reserve and solvency requirements and would apply once platforms hold over AU$1,500 (US$949) of an individual’s assets or aggregate holdings of over AU$5 million.
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