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ARTICLE · 18 OCTOBER 2023

Licensing Comes To The Crypto Industry

K&L Gates
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Yesterday the Australian Federal Government released its proposal paper on regulating the crypto industry (Paper). The government proposes to regulate exchanges, custodians and other

AustraliaTechnology
Daniel Knight
Daniel Knight

Yesterday the Australian Federal Government released its proposal paper on regulating the crypto industry (Paper). The government proposes to regulate exchanges, custodians and other digital asset service providers within the scope the Australian Financial Services (AFS) licensing regime.

The AFS licensing regime is proposed, rather than a bespoke crypto licence (or other existing licensing frameworks, such as the Australian Markets Licence regime).

The Paper suggests that licensing would be tied to a range of "financialised functions" (i.e token trading, staking, tokenisation and token based capital raising). Non-custodial exchanges appear to be in scope of the new proposals.

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