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Australia plans to require crypto exchanges to obtain licenses to curb risks

CRYPTO exchanges in Australia will soon be required to hold a financial-services license issued by the markets regulator as the country seeks to support the growth of digital assets while protecting consumers.

A government proposal that builds on existing laws will mean digital-asset platforms that hold more than A$5 million (S$4.4 million), or A$1,500 for an individual, must get a permit from the Australian Securities and Investments Commission or ASIC, according to a Treasury department document Monday.

Rules will also include custody and transaction standards that the government said are inspired by frameworks used in the UK, Canada and Singapore.