Australian-based cryptocurrency exchanges may soon need to apply for a financial services license from the Australian Securities and Investments Commission. Only crypto exchanges holding more than $3.2 million (A$5 million), according to a proposal in the Australian government's draft legislation for 2024, would require a license from the nation's financial services regulator. This action aims to safeguard consumers and promote market expansion for digital assets. Crypto exchanges will have a year to abide by the new rules after the draft is passed into law. The proposed regulations cover custody and transaction standards, as well as exchange obligations for staking and trading, and they are consistent with the laws currently governing the financial services industry.