Cryptocurrency exchanges operating in Australia will soon be required to possess a financial services license issued by the Australian Securities and Investments Commission. According to a proposal reportedly put forward by the Australian government, only crypto exchanges that hold more than $3.2 million (A$5 million) will need to obtain a permit from the country’s regulator of the financial services sector.

As per a Bloomberg report, Australian authorities believe the imposition of this requirement will not only help protect consumers but will play a part in supporting the growth of the digital assets market. The report added that the Aussie government expects to have a draft legislation ready sometime in 2024.

Once the draft is passed into law, crypto exchanges will be given a twelve-month grace period to comply with the new rules, the report added.

Meanwhile, in a document released on Oct. 16 by the Treasury Department, the government acknowledged that the proposed rules for crypto exchanges are based on laws currently governing the financial services industry. Commenting on the government’s proposals, Caroline Bowler, the CEO at BTC Markets Pty, said:

“A positive progression for the crypto industry. It is imperative the country keeps pace with our international peers, with a robust regulatory framework.”

According to the report, the proposals made by Australian authorities relate to custody and transaction standards. They also touch on exchanges’ obligations when it comes to staking and trading.

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