Australian crypto exchanges will have to hold financial services licences

Cryptocurrency exchanges will need to hold an Australian financial services licence and meet the same duties as other companies, which could spark a wave of consolidation in the sector.

There are around 400 crypto exchanges, which are digital platforms where users can buy, sell, and trade cryptocurrencies such as bitcoin and Ethereum, registered with the regulator, the Australian Transaction Reports and Analysis Centre. Many are thought to be inactive.

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