Australia is proposing stricter regulations for crypto service providers by extending finance sector laws to crypto exchanges. The draft legislation aims to create two new financial products, requiring providers to hold an Australian Financial Services License. Breaches could result in penalties of up to $10.8 million. Low-risk platforms will be exempt from the rules.

The legislation includes targeted rules for key activities like wrapped tokens and staking. Crypto platforms must adhere to obligations designed for digital assets, ensuring standards for holding crypto and settling transactions. The goal is to legitimize good actors, provide certainty to businesses, and boost consumer confidence in the crypto industry.

Read more at Cointelegraph: Australia Drafts Law to License All Crypto Exchanges