Australia to Introduce Crypto Exchange Licensing by 2024, Publish CBDC Research Mid-2024

Australia plans to release draft crypto exchange licensing legislation by 2024, with 12 months for exchanges to transition once law passes.

Proposed licensing would apply to exchanges holding over AUD 1,500 per client or AUD 5 million total.

The proposal aims to provide consumer protection and regulate currently unregulated crypto business models.

Australia and its central bank will release a report on CBDC research and roadmap in mid-2024.

Earlier this year, Australia decided not to pursue a CBDC for now due to unresolved issues from a pilot project.