Australia moved on Thursday to bring cryptocurrency platforms under mainstream financial rules, proposing fines that could reach A$16.5 million or as much as 10% of a firm’s annual turnover for serious breaches.

According to the Treasury’s exposure draft , the plan would force exchanges and custody providers to hold an Australian Financial Services License and meet conduct standards meant to protect customers and their assets.

What The Crypto Rules Mean

Based on reports , the draft would create two new types of financial products — “digital asset platforms” and “tokenized custody platforms” — and fold them into the Corporations Act so they fall under ASIC’s oversight.

Platforms that hold client crypto or settle trades would have to register, follow custody rules, and provide cl

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