The federal government will require crypto exchanges to hold a financial services licence, issued by the corporate regulator, under a new regime bolstered with specific obligations to reduce risks for investors while also supporting the growth of the digital asset sector.
Assistant Treasurer Stephen Jones will announce the government’s long-anticipated regulatory regime at The Australian Financial Review Crypto Summit on Monday morning, where he will say that regulation will protect users by reducing the risk of scams and of exchanges collapsing.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
Tom Richardson was a journalist at The Australian Financial Review
