Australia Proposes New Licensing System for Crypto Exchanges

Australia moves to set clear rules for crypto exchanges. To help protect users and make things clearer, Australia's Treasury has shared a new plan for crypto businesses.

Businesses dealing in digital money, like Bitcoin, in Australia will need a special license from ASIC, a big financial regulator. Only those holding more than AUD 1,500 from one user or over AUD 5 million in total need this license. This ensures these businesses are safe and follow good standards.

By 2024, a detailed plan will be ready. After the plan is accepted, businesses will have a year to follow these new rules. So, by 2025, all big crypto businesses in Australia should have this license.

These new rules focus on keeping users safe but also let businesses grow and bring in new ideas. The government is also asking for people's thoughts on about 32 topics to make the best rules.

Caroline Bowler, leader of BTC Markets, a known crypto business, shared her happiness on X (like Twitter). She called this step important.

Caroline Bowler says: “At BTC Markets, we are happy about this important step. It's a good move for the crypto world.”

The government's plan talks about 32 main ideas and wants people to give their opinions by December 1, 2023.

Australia's main bank is also studying CBDCs. They will share a report in 2024 about their findings and plans for the future.

Australia is working hard to make crypto safe and grow at the same time. They want to join other countries in setting good rules for this new kind of money, making sure users are protected.