Assistant Treasurer and Minister for Financial Services Stephen Jones. Source: AAP Image/ Mick Tsikas
It seems Australia may finally get some long-awaited crypto exchange regulation, with Assistant Treasurer Stephen Jones pegged to announce the federal government’s plans on Monday.
The unveiling of the new regulations will be at the Australian Financial Review‘s (AFR) Crypto Summit. It will reportedly come under pre-existing financial services laws and will be done so at an exchange level.
According to the AFR, any cryptocurrency exchanges operating in Australia with more than $5 million in aggregate — or over $1,500 per user — will be required to have an Australian Financial Services Licence (AFSL).
This will beholden exchanges to the same rules as traditional AFSL holders, including disclosures, solvency and cash reserve needs, submission of financial accounts and management of conflicts of interest.
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