Australia’s Draft Law Proposes Hefty Fines for Crypto Platforms Breaching New Rules
Australia is set to introduce a draft law that could impose significant fines on cryptocurrency platforms failing to adhere to upcoming licensing and conduct regulations. Under the proposed legislation, platforms found in breach could be fined up to 10% of their annual turnover or A$16.5 million, whichever is higher.
The move aims to enhance regulatory oversight and promote accountability within the rapidly evolving crypto sector. By setting substantial penalties, Australian authorities hope to ensure that crypto operators maintain high standards of compliance, protecting consumers and the integrity of the market.
Stay tuned for further updates as the legislation progresses.
The post Australia Plans Fines Up To 10% Of Turnover For Crypto Rule Breaches appeared first on Cryptonews.
https://cryptonews.com/news/australia-plans-10-pct-turnover-fine-crypto-rule-breaches/
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