The Australian government has released a consultation paper on "Digital Asset Regulation," planning to require cryptocurrency trading platforms to obtain a license

ChainCatcher news, according to Bloomberg, the Australian Treasury released a consultation paper on "Regulation of Digital Asset Platforms" on Monday. The document states that digital asset platforms holding more than 5 million AUD (approximately 3.2 million USD) or individuals holding platforms with more than 1,500 AUD must obtain a license issued by the Australian Securities and Investments Commission (ASIC).

The consultation paper proposes that cryptocurrency exchanges be regulated under existing financial services laws rather than creating new cryptocurrency-specific rules. The obligations of crypto companies stem from existing financial services laws, including submitting financial records, monitoring market misconduct, and meeting solvency and cash reserve requirements. Additionally, crypto companies will also need to assume more obligations in areas such as trading, staking, and token creation.

The Australian government will consult on the proposal before December 1, with legislative drafts expected to be introduced next year, after which exchanges will have 12 months to ensure compliance.