Australia drafts law to tighten oversight of crypto exchanges

Australia has released draft legislation to create new crypto products, bringing the crypto companies under the same rules as financial services businesses.

Australia is aiming to tighten regulations around crypto service providers, with draft legislation that would extend finance sector laws to crypto exchanges.

Assistant Treasurer Daniel Mulino told a crypto conference on Thursday local time that the legislation is “the cornerstone of our digital asset roadmap,” which the Albanese Government released in March.

“This is a preliminary version of the legislation, and we are seeking stakeholder feedback on its effectiveness and clarity before proceeding further,” he said.

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