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The Australian treasury has released a consultation paper proposing a new regulatory framework for cryptocurrency exchanges. 
The <a href="https://treasury.gov.au/sites/default/files/2023-10/c2023-427004-proposal-paper-final.pdf" data-type="link" data-id="https://treasury.gov.au/sites/default/files/2023-10/c2023-427004-proposal-paper-final.pdf" target="_blank" rel="noopener">new legal framework</a> will require cryptocurrency companies to apply for a financial services license. The primary purpose of the new regulatory framework will be to protect investors without harming the growth of the cryptocurrency ecosystem in <a href="https://crypto.news/mastercard-explores-cbdc-use-in-australia/" data-type="link" data-id="https://crypto.news/mastercard-explores-cbdc-use-in-australia/">Australia</a>. 
The consultation paper explained that the country would regulate cryptocurrency players under pre-existing financial services laws. 
Cryptocurrency exchanges that hold over $3.2 million, or more than $946 per individual, must now register with the Australian Securities and Investment Commission (ASIC) and obtain an operating license. 
 You might also like: <a href="https://crypto.news/mastercard-explores-cbdc-use-in-australia/"> Mastercard explores CBDC use in Australia </a> 
<h2 class="wp-block-heading" id="australia-s-crypto-stance">Australia’s crypto stance </h2> 
The Australian government has taken several legislative actions to support the mainstream adoption of cryptocurrencies. For example, the Australian treasurer’s removal of <a href="https://crypto.news/crypto-tax-regulation-in-australia-new-tax-guidelines-incoming/" data-type="link" data-id="https://crypto.news/crypto-tax-regulation-in-australia-new-tax-guidelines-incoming/">Goods and Services Taxes</a> on digital currencies has treated cryptocurrencies like Bitcoin as physical money in terms of taxation. 
Australia has also witnessed the rapid development of a crypto-based ecosystem, particularly in <a href="https://crypto.news/brisbane-is-the-new-cryptocurrency-capital-of-australia-could-become-the-worlds-top-crypto-destination/" data-type="link" data-id="https://crypto.news/brisbane-is-the-new-cryptocurrency-capital-of-australia-could-become-the-worlds-top-crypto-destination/">Brisbane</a>. Plans are underway to integrate the flourishing tourism industry with cryptocurrencies, allowing visitors to pay for their travel using digital currencies. 
 You might also like: <a href="https://crypto.news/australian-police-seize-1-5m-in-crypto-from-dark-web-drug-dealer/"> Australian police seize $1.5m in crypto from dark web drug dealer </a>

Australia releases new crypto regulatory framework

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