Australia Plans Fines Up To 10% Of Turnover For Crypto Rule Breaches

Australia plans to hit digital asset platforms with penalties of up to 10% of annual turnover if they breach new rules, under draft legislation released on ￰1￱ proposal requires exchanges and other operators to secure an Australian Financial Services ￰2￱ that fail to act honestly and fairly, or that engage in misleading conduct and unfair contract terms, would face the greater of three penalties, A$16.5m (US$10.9m), three times the benefit gained, or 10% of annual ￰3￱ rules build on existing anti-money laundering obligations overseen by AUSTRAC and complement the Australian Taxation Office’s scrutiny of crypto transactions for capital gains ￰4￱ Period Set To Shape Rules For Industry Heavyweights The ATO can already impose fines worth up to three times the amount evaded or pursue prison terms in cases of serious ￰5￱ draft law will remain open for consultation until ￰6￱ marks one of the most significant moves yet to regulate an industry that includes major global players such as Coinbase and Kraken.

Australia’s regulators have repeatedly warned about the risks of surging retail crypto ￰7￱ nation’s securities and prudential watchdogs, as well as the central bank, have pressed for tougher ￰8￱ August, financial crimes agency AUSTRAC ordered Binance’s local arm to appoint an external auditor over money laundering and terrorism financing concerns. @binance faces mandatory audit in Australia over serious AML and terror financing concerns amid nationwide enforcement campaign. #Binance #Australia ￰0￱ — ￰9￱ (@cryptonews) August 22, 2025 New Rules Extend Corporations Act To Digital Asset Platforms Treasury said the new regime will bring digital asset and tokenized custody platforms under the Corporations Act, extending consumer protections and formal licensing ￰10￱ players will not face the full ￰11￱ that hold less than A$5,000 per customer and process under A$10m in annual transactions will be ￰12￱ effort reflects a balancing act, with policymakers seeking to protect investors without stifling ￰13￱ feedback over the next month will shape the final framework before it moves toward parliament.

Separately, the Australian Securities and Investments Commission last week granted class relief to intermediaries distributing stablecoins issued by licensed AFS ￰14￱ measure, which runs until June 2028, exempts them from separate market, clearing and settlement licences when handling stablecoins from approved ￰15￱ relief is the first of its kind in Australia, signalling regulators’ willingness to provide flexibility where oversight is already embedded in existing financial licences.