Odaily News The Australian Treasury said in a consultation paper titled Regulation of Digital Asset Platforms released on Monday that digital asset platforms holding more than 5 million Australian dollars ($3.2 million) or individuals holding more than 1,500 Australian dollars must obtain Licensed by the Australian Securities and Investments Commission (ASIC). The consultation paper proposes regulating crypto trading platforms under existing financial services law, rather than developing new cryptocurrency-specific rules, seeking to support the growth of digital assets while protecting consumers. Crypto companies’ obligations stem from existing financial services laws and include submitting financial records, monitoring market misconduct, and meeting solvency and cash reserve requirements. The rules will also include custody and trading standards, which the government says are inspired by frameworks used in the UK, Canada and Singapore. The Australian government will consult on the proposal by December 1; draft legislation is expected to be introduced next year, after which trading platforms will have 12 months to ensure compliance. (Bloomberg)