Australia's ASIC seeks stricter rules for crypto exchanges aligning with global standards

Australia's financial regulator, ASIC, proposed new standards requiring cryptocurrency exchanges and digital asset custodians to safeguard customer funds, ensure transparent trading, and meet financial requirements. These rules take effect on April 8, 2027; existing firms must apply for a license by October 7, 2027. The consultation closes on November 27, with final guidance expected in March 2027, aiming to bring crypto businesses under the same regulatory framework as traditional financial firms, following events like the 2022 FTX collapse which affected about 30,000 Australian customers.