The Australian government is pushing ahead with its efforts to oversee the crypto asset industry, specifically focusing on regulating crypto exchanges, a move that would possibly require the government to secure a license from the nation’s financial regulatory authority. The Australian Treasury unveiled a consultation paper, titled “Regulating crypto-asset platforms,” on Oct. 16, 2023, outlining a regulatory framework that aims to not only safeguard consumers but also foster innovation in the digital asset industry.

The main idea behind the new framework is to control crypto exchanges and service providers rather than the actual tokens or cryptocurrencies. Furthermore, rather than creating new regulations unique to…

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