Australia passes bill requiring crypto exchanges to obtain financial licenses

The Australian Parliament has passed a new regulatory framework for cryptocurrencies that requires exchanges and custody platforms to obtain a financial services license within six months, CoinDesk reported. Under the new law, crypto exchanges will be integrated into the existing Australian Financial Services Licence (AFSL) system and must secure a license from the Australian Securities and Investments Commission (ASIC). These platforms will be subject to the same regulations as brokers and asset managers, with obligations including protecting client assets, making standard disclosures, and implementing a dispute resolution system.