Australia unveils draft crypto legislation

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🇦🇺 Australia unveils draft crypto legislation – A new framework proposes bringing crypto exchanges and custodians under the same licensing regime as traditional financial services.

📑 The proposal would require firms to obtain an AFSL licence, and meet standards on custody, conduct, and disclosure. Supporters argue it will add legitimacy and consumer protection, while critics warn it could burden smaller operators.

🌎 Globally, crypto markets faced turbulence overnight, with over US$1 billion in liquidations triggered by U.S. rate concerns and shutdown fears. Bitcoin, Ethereum, and altcoins fell, with ETH hit hardest.

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