Australia eyes A$14 million capital rule as crypto regulatory crackdown deepens

Australia's securities regulator proposed tougher operating standards for cryptocurrency exchanges and custodians ahead of a new licensing regime next year. The Australian Securities and Investments Commission (ASIC) released a consultation package on Oct. 15 outlining stricter requirements to protect customer assets, execute trades, manage conflicts of interest and maintain adequate financial reserves. The proposals would bring crypto exchanges and tokenized custody platforms under safeguards comparable to those governing traditional financial institutions, expanding regulatory oversight of businesses that hold and trade digital assets on behalf of customers.

Source: CryptoSlate