The Australian government is proposing stricter regulation of cryptocurrency trading platforms, which includes more stringent oversight of customer funds.
The proposal suggests subjecting digital asset platforms to existing laws that govern other financial service providers. This would require platform operators to obtain a financial services license, and customer funds would be subject to continuous monitoring and routine audits.
Australian Treasurer Jim Chalmers stated that the government is taking methodical steps to ensure consumer protection while fostering innovation. These proposed regulations align with measures taken in other jurisdictions.
The move comes in response to concerns about the collapse of crypto exchange FTX in November 2022, which held 218.6 million Australian dollars (US$137.7 million) belonging to 24,656 local customers. FTX had previously held an Australian Financial Services license, which was suspended by regulators in November.
FTX’s founder, Sam Bankman-Fried, is currently on trial in the United States, facing allegations of embezzling billions of dollars from customers to enrich himself, make venture investments, and contribute to political campaigns. Bankman-Fried has pleaded not guilty to all charges.
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