Australia Proposes, Consults on Crypto Platform Regulations Bill

Australia proposed a long-awaited draft for a bill that would bring the cryptocurrency sector under the country’s financial services laws.

Crypto platform and digital asset providers would need an Australian financial services license, and be subject to its obligations, to operate under the proposal opened for consultation Thursday.

“Digital assets represent significant opportunities for the Australian economy,” Daniel Mulino, assistant treasurer and minister for financial services, said in a release. Regulating the sector would mitigate consumer risks so it could grow and innovate safely, he said.

Breaches of those obligations, which range from compliance and risk management to ...