Australian Treasury proposes to regulate crypto exchanges, not tokens

The Australian federal government is charging forward with strategies to regulate the digital property sector at the exchange level, and might soon require cryptocurrency exchanges to hold a financial services license issued by the local monetary regulator.In the newly-unveiled “Regulating digital possession platforms” consultation paper, launched on Oct. 16, the Australian Treasury stated that the brand-new regulatory structure intends to attend to consumer harms while still supporting development in the digital property sector.Regulating digital asset platforms proposition. Furthermore, the consultation paper described that it will control crypto exchanges under pre-existing monetary services laws, instead of crafting brand-new crypto-specific rules.Crypto legal representative Aaron Lane stated the market has been pushing for this technique.”Were behind our international peers when it comes to executing a crypto structure, so I value the requirement to have something in place locally to supply certainty to platforms like ours,” Miller stated.