Australia has released draft legislation aimed at increasing oversight of cryptocurrency exchanges, aligning them with financial services regulations. Assistant Treasurer Daniel Mulino announced the preliminary version at a crypto conference, stating it represents a significant part of the Albanese Government's digital asset roadmap. Currently, crypto exchanges only need to register with AUSTRAC, with many listed being inactive. The new law will create two financial products under the Corporations Act: a 'digital asset platform' and a 'tokenized custody platform', both requiring an Australian Financial Services Licence. Additionally, platforms will face specific regulations for activities including wrapped tokens and staking. Penalties for non-compliance could reach 16.5 million Australian dollars or three times the benefit gained, with smaller, low-risk platforms exempt from these rules to maintain a proportional regulatory approach.

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