Australian Government Proposes Crypto Exchange Regulation, Seeks Feedback on Rules

The Australian Treasury proposes regulating crypto exchanges, not tokens. Exchanges may need financial services licenses.

The rules aim to protect consumers while supporting innovation. They regulate exchanges under existing laws.

Exchanges like Swyftx call the proposal thoughtful. Kraken says it's disappointing and "shoehorning" crypto.

Lawyers say the rules are still suggestions open to lobbying. They may not address pressing issues like de-banking.

Feedback can be submitted until December 2023. The goal is to seek input on the proposed regulations.