Australia Unveils Crypto Fines in Proposed Rules for Industry

Australia will slap penalties of as much as 10% of annual turnover on digital asset platform operators that breach proposed rules, under long-awaited draft legislation released Thursday.

Crypto exchanges and other platform operators will be required to hold an Australian Financial Services License, according to a Treasury statement Thursday. Under license rules, firms that fail to act “honestly and fairly,” or engage in “misleading and deceptive conduct and unfair contract terms,” would face the greater of either a A$16.5 million ($10.9 million) penalty, three times the benefit obtained or 10% of annual turnover.

The draft legislation will be open for ...