Australia Proposes Penalties of Up to 10% of Turnover for Rule-Breaking Crypto Platforms

Australia’s proposed legislation, which was revealed on Thursday, would penalise digital asset platforms up to 10% of their yearly sales for violating the new regulations.
The plan mandates that operators, including exchanges, get an Australian Financial Services Licence. Businesses that engage in deceptive behaviour, unfair contract conditions, or dishonest behaviour would be subject to a fine of A$16.5 million (US$10.9 million), three times the advantage received, or 10% of yearly turnover, whichever is higher. Together with the Australian Taxation Office’s examination of cryptocurrency transactions for capital gains tax, these regulations expand on the anti-money laundering duties now supervised by AUSTRAC.