Australia plans to require crypto exchanges to obtain licenses, making it the latest jurisdiction to increase oversight of the digital asset market.
Crypto exchanges that hold more than A$5 million ($3.2 million) or A$1,500 for an individual must obtain a permit from the Australian Securities and Investments Commission (ASIC), according to a document from the country's Treasury department. The proposed rules, which are inspired by frameworks used in the UK, Canada and Singapore, will also include custody and transaction standards.
The consultation period will last until December 1. Draft legislation is expected next year, followed by a 12-month period to allow exchanges to comply with the new rules.
