Australia has released draft legislation that would impose penalties of up to 10% of annual turnover on digital asset platform operators that breach new proposed rules.

Cryptocurrency exchanges and other platforms will be required to obtain an Australian Financial Services License.

Firms that fail to act honestly, fairly, or engage in misleading, deceptive, or unfair conduct could face the greater of a A$16.5 million (US$10.9 million) fine, three times the benefit obtained, or 10% of annual turnover.

The draft legislation is open for industry feedback until October 24, 2025.

🔗 Source: Bloomberg