Australia Toughens Crypto Rules with Stiff Fines for Platforms

Australia Toughens Crypto Rules with Stiff Fines for Platforms

Australia Intensifies Crypto Regulation with Significant Fines Australia is embarking on a pivotal journey to establish a robust regulatory framework for its rapidly evolving digital asset sector. In a move signaling increased oversight and consumer protection, the government, through draft legislation released on Thursday, September 25, proposes substantial penalties for digital asset platform operators that fail to comply with the forthcoming rules. These penalties, which could reach up to 10% of a company’s annual turnover, underscore the nation's commitment to fostering a secure and trustworthy environment for crypto investments. The proposed legislative changes are a direct response to the growing presence of cryptocurrencies and other digital assets within the Australian financial landscape. As reported by Bloomberg, a core requirement under these new regulations will be for crypto exchanges and various other platform operators to secure an Australian Financial Services Licens…