Australia’s financial watchdog seeks stiffer rules for crypto exchanges ahead of licensing deadline
In this news:
Key takeaways
- Australia's financial watchdog is seeking stricter rules and licensing standards for crypto exchanges.
- The new rules take effect on April 8, 2027, with existing firms having until October 7 to apply.
- ASIC has already recorded more than 140 applications from businesses seeking authorization.
Australia proposes new crypto exchange rules
The rules take effect on April 8, 2027. Crypto firms already operating in the country have until Oct. 7 of the next year to apply for a license and can continue doing business while ASIC reviews their applications.
For Australian investors, the changes would mean clearer rules on how exchanges hold their assets, execute orders and handle conflicts of interest. Crypto companies would face new compliance obligations and financial requirements to operate legally in the country.
Regulatory approach aligns with overseas standards
“Our approach is based on the principle of 'same activity, same risk, same regulatory outcome' to align Australia with the approach of comparable overseas jurisdictions,” ASIC Commissioner Alan Kirkland said.
Under the consultation paper, platforms would be subject to standards covering the separation and safeguarding of customer assets, trading transparency, settlement procedures and financial resources. The proposed trading rules also address market manipulation, conflicts of interest and how exchanges handle customer orders.
Growth in license applications
ASIC said it has recorded more than 140 applications from businesses seeking authorization to provide digital asset-related financial services. It also said stablecoins used for payments are being addressed separately through Australia's payment services reforms.
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