Cryptocurrency exchanges and fintechs holding digital assets for consumers will have to meet the same basic governance requirements as banks and other financial services companies, including providing services honestly, fairly and efficiently and avoiding conflicts of interest.
Exchanges holding bitcoin and other crypto assets for investors will also need to meet minimum capital adequacy requirements under a long-delayed policy on the obligations of crypto providers to protect consumers.
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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
Tess Bennett is a technology reporter with The Australian Financial Review, based in the Brisbane newsroom. She was previously the work & careers reporter. Connect with Tess on Twitter. Email Tess at tess.bennett@afr.com
